Am I hearing this right? Gas in Grand Rapids could be less than $3 dollars a gallon soon?

That's what Patrick De Haan of GasBuddy is saying. He thinks gas could fall to $2.99 in the greater Grand Rapids area soon. However, one key operative word he used was "briefly!" Dang it!

For whatever reason, the demand for gas has fallen according to the Energy Information Administration. So, who cares, this is good news for us that prices are falling. We need that!

Gas station attendant at work
Minerva Studio/Getty Images

And that is also good news for retail sales where we are seeing some of these sales come back.

Julie Hyman wrote an article for Yahoo Finance and said:

"In the past few weeks, it is a Target, it is a Walmart, it is some grocery stores getting the lift from lower gas prices. As consumers get a little more of their money freed up, they can go into Walmart, into a Target, buy basic goods and buy some various food items. You've also seen a little bit of a lift to this quarter at Home Depot and Lowe's."

The price of oil has been falling for awhile now, even though it does go up and down, so there is that, too.

Sadly, however, we can't be lulled into a "hooray" type of mentality. The world is so volatile now that anything can happen.

President Biden Delivers Remarks On Gas Prices
Drew Angerer/Getty Images

If gas prices are falling now, they could easily pop back up again with Europe ready to implement more sanctions on Russia in December and the release of U.S. oil reserves ending in November that have help ease the price of gas.

It's so complicated, I know. But for now, happy filling your tank up.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.




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