The Dollar’s Fortune and Foreign Stocks

Chart of the Week: Gas Prices Shake Off Ukraine Shock

When Russia invaded Ukraine, oil prices rose as high as $120 per barrel. Gasoline prices followed suit. And when the cost to fuel up rises as fast as it did earlier this year, it’s impossible not to notice. Heck, prices were posted in giant fonts all over town.

But while the media eagerly announces the climbing cost of living in headlines, how about when prices are falling? It may surprise you to see that U.S. gasoline prices, on average, have returned to levels we saw before Russia invaded Ukraine.

Gas prices falling below prewar levels
Note: Chart shows weekly U.S. regular conventional retail gasoline prices (dollars per gallon) from 12/31/21 through 12/12/22. Source: Energy Information Administration.

Inflation has been a pain point all year long—for consumers and investors. At least when it comes to filling up the tank, higher prices are a thing of the past.

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Chart of the WeekJeff DeMasooil prices