"According to AAA, the national average gas price has jumped to $3.45 per gallon today. One week ago, the average was $2.98 per gallon - a 16% spike in a single week. For context, the all-time record average was $5.016 per gallon, set on June 22, 2022."
"Nate Silver cites Polymarket data putting the odds of gas prices exceeding $4.50 by the end of March at 63%, with a 34% chance prices breach $5.00. Put another way, that's a 34% chance oil prices tie the AAA's all-time high."
"Right now, the price of gas ranges dramatically across America. In California, the average is $5.159 per gallon. On the other end of the spectrum, Kansas' price per gallon is just $2.911. The skew to more expensive states is more extreme. Kansas is 16% cheaper than the national average. California is 50% more expensive."
Gas prices have surged 16% in one week, reaching $3.45 per gallon nationally according to AAA, up from $2.98 a week prior. Prediction market data cited by analyst Nate Silver indicates a 63% probability that gas prices will exceed $4.50 by March's end, with a 34% chance of reaching $5.00 per gallon—matching the all-time record set in June 2022. Regional variation is significant, with California averaging $5.159 per gallon while Kansas averages $2.911. If prices reach the predicted $4.50 level, this would represent a 30% increase from current levels. However, the prediction market has only $40,000 in total bets, suggesting limited liquidity that could skew results.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]