Gas Prices In Lakewood

Sylvie Ballou, Economics Reporter

Gas prices in Lakewood right now range from $2.85-$3.09. The cheaper prices (at around $2.80) can be found at places like Lakewood One Stop, Sunoco, BP, Speedway and Getgo; meanwhile, the more expensive gas places (at around $2.90-$3) can be found at Marathon and Shell (Gasbuddy). Gas prices this year have continued to go up; at the beginning of the year prices were at $2.25 per gallon, by the summer they were at $3.06 per gallon, where they have remained the past couple of months. Until now, prices over the past four years peaked at $2.70 around July of 2018, and, in this same time frame, the lowest gas prices were during January of 2019 at $1.96.

This rise in gas prices is, once again, a result of the pandemic due to the decrease in demand of crude oil (the oil that makes up gasoline). This decrease in demand led to a decrease in production (USA Today). When travel and in-person jobs and classes were reintroduced the demand for gas went up again and the crude oil producers were not prepared, so when the demand went up but the supply stayed the same, it led to prices rising.