---
title: Gas prices are rising at near-record levels. There’s no easy fix.
description: Gas prices are reaching record highs, and analysts aren’t sure how to fix it.
---

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# [Gas prices are rising at near-record levels. There’s no easy fix.](https://hs-sbup.thehustle.co/news/12022021-gas-prices)

 Written by [Rob Litterst](https://hs-sbup.thehustle.co/news/author/rob-litterst) | Dec 2, 2021 8:53:57 AM

Here’s a sentence that could have been written basically anytime since 1999: Gas prices are really high.

But this year it’s different. Like way too many things in 2021, it’s worse.

Per [*The Wall Street Journal*](https://www.wsj.com/articles/gas-prices-pressure-drivers-finances-11638241233?mod=hp_lead_pos5&mod=business_lead_pos5), gas prices are up **50%** YoY, the largest percentage jump in 10+ years.

#### **Commiserate like it’s ‘08**

Nationally, the [average](https://gasprices.aaa.com/state-gas-price-averages/) price for a gallon of regular is up to $3.39 from $2.27 a year ago. The record is [$4](https://money.cnn.com/2008/06/08/news/economy/gas_prices/), set in summer 2008.

Prices vary by state depending on local taxes, regulations, and energy infrastructure. Two stark examples:

- **California**, where the average price per gallon is $4.70
- **Texas**, where the average price per gallon is $2.98

When added to [rising](https://www.wsj.com/articles/consumers-trade-rib-eye-for-ground-beef-as-grocery-prices-rise-11636376400?mod=article_inline%27) costs of groceries and other consumer staples, the jump is taking a toll on drivers ([as well as on gas station owners](https://thehustle.co/why-most-gas-stations-dont-make-money-from-selling-gas/)) and putting pressure on producers to boost supply.

#### **But it’s not that simple**

While tapping into reserves could help lower prices, American producers have been slow to ramp production due to pressure from investors to limit environmental harm, creating a lose-lose situation:

- Boost production and risk criticism for environmental damage
- Hold firm and catch flak for rising prices

On the bright side, analysts believe electric vehicles will be cheaper to make than gas vehicles as [early](https://www.theguardian.com/business/2021/may/09/electric-cars-will-be-cheaper-to-produce-than-fossil-fuel-vehicles-by-2027) as 2027, which could make the concept of gas prices (and endless complaints about them) a thing of the past.

[View full post](https://hs-sbup.thehustle.co/news/12022021-gas-prices)

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