![Current gas prices are shown at a Chevron gas station in Encinitas, California October 10, 2014. Oil prices are hovering just above $90 per barrel, a level last seen in June 2012, Current gas prices are shown at a Chevron gas station in Encinitas, California October 10, 2014. Oil prices are hovering just above $90 per barrel, a level last seen in June 2012,](https://c8.alamy.com/compes/2cxf3h9/current-gas-prices-are-shown-at-a-chevron-gas-station-in-encinitas-california-october-10-2014-oil-prices-are-hovering-just-above-90-per-barrel-a-level-last-seen-in-june-2012-putting-a-strong-spotlight-on-opec-producing-countries-they-face-calls-to-cut-output-at-or-before-a-policy-meeting-in-late-november-to-prop-prices-up-as-some-are-already-feeling-the-pinch-of-sub-100-oil-through-increased-budget-pressure-global-oil-prices-are-collectively-reflecting-the-sweeping-impact-of-a-u-s-shale-oil-boom-with-its-production-consistently-outstripping-growth-forecasts-reuters-mike-bla-2cxf3h9.jpg)
Current gas prices are shown at a Chevron gas station in Encinitas, California October 10, 2014. Oil prices are hovering just above $90 per barrel, a level last seen in June 2012,
![President Biden on Twitter: "Oil prices are decreasing, gas prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't President Biden on Twitter: "Oil prices are decreasing, gas prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't](https://pbs.twimg.com/media/FN-LMExWUAA-uzC.png:large)
President Biden on Twitter: "Oil prices are decreasing, gas prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't
![Nikos Tsafos on Twitter: "The European gas market is BROKEN. Gas prices just closed above €170/MWh. In oil equivalent terms, this is $340 per barrel. $340! Oil is trading just over $110/barrel. Nikos Tsafos on Twitter: "The European gas market is BROKEN. Gas prices just closed above €170/MWh. In oil equivalent terms, this is $340 per barrel. $340! Oil is trading just over $110/barrel.](https://pbs.twimg.com/media/FM5XjEVXEAEcqCP.png:large)
Nikos Tsafos on Twitter: "The European gas market is BROKEN. Gas prices just closed above €170/MWh. In oil equivalent terms, this is $340 per barrel. $340! Oil is trading just over $110/barrel.
![Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs? Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?](https://wallstreetonparade.com/wp-content/uploads/2022/06/WTI-Crude-Oil-and-Gasoline-Prices-in-in-2022.jpg)