Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025
Gasoline Prices in 2023 See a Decline in Prices Since December 2022
By Shubhendra Anand , 10 January, 2024
Gas prices fluctuated throughout 2023 based on geopolitical issues, inflation, consumer demands, and production, among many other factors. The global economic crisis clutched prices, and gas prices were no exception. The United States Energy Information Administration reveals that the national average price of one gallon of gasoline declined to USD 3.14 in the second week of December 2023.
According to surveys, the recent decline in gasoline prices is due to the sharp decline in crude oil prices in 2023, such as West Texas Intermediate crude (WTI) decreasing to USD 70 per barrel in December 2023. The earlier price was at USD 90 per barrel for crude oil for three months before the crude oil price fell to USD 70 per barrel in December 2023. The market price for crude oil was higher less than three months ago due to the extension of cutbacks from oil exports from countries like Saudi Arabia and Russia in 2023.
Based on the information given by the United States Energy Information Administration, the national average price of one gallon of gasoline has seen the highest price decline, which is USD 3.14, at the beginning of December 2023 since December 2022. The agency reports that the holiday ahead of December's second week might have seen a massive rush in the roads and transportation systems in the United States. Therefore, the decline in crude oil prices at the year-end peak will benefit Americans in 2023. Experts expect the average fuel cost to drop to around USD 3 per gallon in the United States by the end of 2023.
A decline in gasoline prices will benefit consumers in many ways, such as expanding their businesses and others. The consumers support the idea that a decrease in gasoline prices will allow them to make more investments in the business sector. Thus, a decline in gasoline prices in the United States will take full advantage of the holiday season in December 2023.
Fall in Gasoline Prices Between December 2022 and December 2023
Latest News
Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025
In January 2025, Honda Motor Co., Ltd. and Renesas Electronics Corporation declared a strategic collaboration to create a high-performance system on a chip (SoC) designed for Software Defined Vehicles (SDVs). This cooperation is intended to bolster…
NVIDIA's Mega Omniverse Master Plan: Revolutionizing Robotics and AI by 2025
 In 2025, NVIDIA is set to transform AI and robotics with its Mega Omniverse Blueprint, a framework for designing, simulating, and optimizing robot fleets within the digital twins of industrial environments. This new initiative combines NVIDIA's…
How Vaccines Helped Eradicate Deadly Diseases – A 2025 Breakthrough
Public health has benefited dramatically from vaccinations, which have helped completely eradicate or significantly lower the frequency of lethal illnesses. Vaccines will still be among the most potent weapons available in 2025 to stop global…
Oil Prices Crash in 2025: Biggest Weekly Drop Amid Tariffs & Oversupply
Oil prices stay on track as United States (U.S.) sanctions on Canada and Mexico keep diverting the market and stable supply levels support a significant weekly decline in 2025. Reuters said this is the biggest weekly decline since October…
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025
The automotive industry will benefit significantly from strategic partnerships in artificial intelligence (AI) and its use in cars. AI integration into automobiles is projected to improve considerably in the year 2025 due to the formation of various…
Shubhendra Anand
Head Research
Latest News
NVIDIA's Mega Omniverse Master Plan: Revolutionizing Robotics and AI by 2025
How Vaccines Helped Eradicate Deadly Diseases – A 2025 Breakthrough
Oil Prices Crash in 2025: Biggest Weekly Drop Amid Tariffs & Oversupply
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025
