Fact Check: "Friday’s average gasoline price was down 33 cents from a year ago and $1.88 from their all-time high in June 2022, according to AAA."
What We Know
The claim states that the average gasoline price has decreased by 33 cents compared to the previous year and is down $1.88 from its peak in June 2022. According to the U.S. Energy Information Administration (EIA), the average retail price for gasoline in 2023 was approximately $3.52 per gallon. In June 2022, the price reached an all-time high of $5.01 per gallon. This indicates a drop of $1.49 from the June 2022 high to the average price in 2023.
Furthermore, the EIA reports that gasoline prices in 2023 were about 40 cents lower on average than in 2022, suggesting a year-over-year decrease, but not specifically the 33 cents mentioned in the claim. The average price at the end of 2023 was noted to be around $3.05 per gallon, which is significantly lower than the previous year's prices.
Analysis
The claim is partially true but requires clarification. The assertion that gasoline prices are down 33 cents from a year ago is not fully supported by the data. The EIA indicates that the average gasoline price in 2022 was $3.92 per gallon (derived from the average prices reported throughout the year), which means a decrease of approximately 40 cents in 2023 rather than the 33 cents claimed.
The statement regarding the $1.88 drop from the all-time high is also misleading. The actual drop from the June 2022 peak of $5.01 to the average price of $3.52 in 2023 is $1.49, not $1.88. This discrepancy suggests that while there has been a significant decrease in gasoline prices, the specific figures cited in the claim do not accurately reflect the data provided by reliable sources such as the EIA and AAA.
The reliability of the sources used in this analysis is high. The EIA is a reputable government agency that provides comprehensive data on energy prices, and AAA is a well-known organization that tracks fuel prices across the United States. However, the claim's reliance on AAA's data without specifying the context or the exact date of the reported prices may lead to misinterpretation.
Conclusion
Verdict: Partially True
The claim that gasoline prices are down from a year ago and from their all-time high in June 2022 is partially true, but the specific figures cited are inaccurate. The decrease from the all-time high is $1.49, not $1.88, and the year-over-year decrease is approximately 40 cents rather than 33 cents. While there has been a significant decline in gasoline prices, the exact numbers need to be corrected for accuracy.
Sources
- In 2023, U.S. annual average retail gasoline prices were 40 cents a EIA
- Weekly U.S. Regular All Formulations Retail Gasoline EIA
- U.S. All Grades All Formulations Retail Gasoline Prices EIA
- AAA Fuel Prices AAA
- State Gas Price Averages AAA
- District of Columbia average gas prices AAA
- Month: June 2022 AAA
- US Gas Prices: See Where Your State Stacks Up LendingTree
