Fact Check: Fuel Prices Have Recently Decreased in the US
What We Know
Recent data indicates that fuel prices in the United States have indeed decreased over the past year. According to the U.S. Energy Information Administration (EIA), the annual average retail price for regular-grade gasoline in 2023 was approximately $3.52 per gallon, which is $0.43 less than the average price in 2022. The prices peaked at $3.88 per gallon in mid-September 2023 but fell to $3.05 per gallon by the end of the year, reflecting a significant decline from the previous year's high of $5.01 per gallon in June 2022 (EIA).
Additionally, the Bureau of Transportation Statistics reported that the cost per gallon of aviation fuel also saw a decrease, falling by 0.8% from September to October 2023, with the average cost at $3.12 per gallon (BTS). This trend of decreasing fuel prices aligns with a broader reduction in crude oil prices and increased gasoline inventories throughout the latter half of 2023 (EIA).
Analysis
The evidence supporting the claim that fuel prices have recently decreased is robust. The EIA's data shows a clear downward trend in gasoline prices throughout 2023, particularly in comparison to the previous year. The significant drop from $3.88 in September to $3.05 at the end of the year illustrates a substantial decrease, confirming the claim.
Moreover, the report from the Bureau of Transportation Statistics corroborates this trend with a documented decrease in aviation fuel costs, suggesting that the decline in fuel prices is not limited to gasoline but extends to other fuel types as well. This is further supported by the fact that the average price of gasoline varied regionally, yet all regions experienced a decrease compared to 2022 (EIA, BTS).
The reliability of these sources is high, as both the EIA and BTS are official government agencies that provide data based on comprehensive market analysis and reporting. Their methodologies are transparent and regularly updated, ensuring that the information is accurate and trustworthy.
Conclusion
Verdict: True
The claim that fuel prices have recently decreased in the US is accurate. The data from credible sources such as the EIA and BTS clearly shows a decline in fuel prices throughout 2023, particularly when compared to the previous year. The significant reductions in both gasoline and aviation fuel prices further validate this assertion.
Sources
- In 2023, U.S. annual average retail gasoline prices were 40 cents a ... EIA
- U.S. Gasoline and Diesel Retail Prices EIA
- U.S. Airlines' October 2023 Fuel Cost per Gallon Down 0.8% from ... BTS
- CPI Home : U.S. Bureau of Labor Statistics BLS
- PDF Clean Cities Alternative Fuel Price Report, October 2023 Clean Cities
- Average Retail Fuel Prices in the United States AFDC
- RON95 fuel subsidy mechanism to use MyKad, two-tier pricing … Paultan
- Gas Prices Fall Again, Says AAA - AAA Newsroom AAA
