The one-week change of 53 cents was the biggest leap since the 77-cent surge of July 13, 2015.
It’s giant even on a percentage basis: the 11%, seven-day surge was the sixth-biggest this century. Tops? 22% on July 13, 2015.The last four week’s upswing of 16% ranked 48th since 2000. Tops? 44% on March 2, 2015.In the past year, gas prices rose 42% as the economy reopened. That’s in the top 10% of all 12-month jumps. Tops? 72% on December 14, 2009 — part of the business rebound off the Great Recession’s bottom.
before the collapse of financial markets drove fuel prices below $2 before year’s end. It took almost 14 years for local fuel prices to crack $5.Gasoline and its second stint above $4 began March 28, 2011, as the economy recovered from the Great Recession and the spring switch over to cleaner “summer” fuel hit the market. Prices stayed there for 11 weeks. The next significant perch above $4 began Feb.
Consider that gasoline prices grew at an 8.5% annualized rate in 2005-08 between the first time this benchmark exceeded $3 and when it topped $4. Since then, fuel inflation grew at only a 1.6% annualized rate — the nearly 14 years it took from that $4 breakthrough to the pandemic era’s surge cracking the $5 threshold.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at