Answer: $4.11 in July 2008

Questions:

• Gas prices usually peak in the summer. In 2022, why do you think they peaked in March?
• Is gasoline something you currently spend money on? How has this price increase impacted your budget?
• What are some things you and/or your family can do to offset the higher prices of gasoline?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (USA Today):

"After rising dramatically following Russia's invasion of Ukraine, the price of gas reached a record, topping a high that had stood for nearly 14 years. As of Tuesday morning, the average national price for a gallon of regular gasoline touched $4.17, according to AAA, the highest price ever, not accounting for inflation. That was up from $4.07 on Monday and $3.61 a week earlier. The previous high was $4.11 on July 17, 2008, according to AAA. That would come to around $5.25 today when adjusted for inflation. The cost for diesel is nearing the record of $4.84, also set in July 2008. The price for a gallon of diesel is $4.75, more than double what it was in October 2020.

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About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.