What was gas prices in 2009

Global oversupply and the anticipation that additional oil will soon enter the market with the lifting of sanctions on Iran, contributed to both benchmarks—Brent and West Texas Intermediate—trading last week at lows unseen since Talks are now shifting to whether the market has reached its bottom and if, or when, the necessary adjustments in supply will occur in order to help bring the crude oil market more into balance.

To the surprise of many and despite this bearish sentiment, both benchmarks closed out the week with a two-day rally. This shift is likely the result of trading volatility and is not attributed to any correction in the imbalance between supply and demand. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.

Learn more at AAA. The surge took a heavy toll on consumers. Not only did the cost of driving jump, but prices for other consumer staples, such as groceries, also shot up as transportation costs increased.

In response, consumers drastically cut back on driving and many switched to more fuel-efficient cars. That led to huge financial losses for automakers. Earlier this year, General Motors and Chrysler, two companies that specialize in full-size automobiles, both declared bankruptcy. Analysts say gas prices could continue to fall over the next few weeks. But summer is peak driving season -- not to mention hurricane season in the oil-producing Gulf of Mexico -- and it's possible prices could rebound in August.

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