Odds for the National Gas Price Average for July 31st (2022)

By Anthony Haage in Politics
| July 8, 2022 11:32 am PDT

Sportsbooks are getting very creative these days and are offering betting odds on things like the National Gas Price Average. This is because the gas price has been astronomically high this year, which Americans have been very vocal about.

People have been blaming everyone for why their fuel costs almost as much as the minimum wage, from the President to the war on Ukraine to the oil companies.

The truth is, lots of things are factored into gas prices. So it’s hard to pinpoint one specific issue why gas is so pricy these days.

Let’s look at the National Gallon of Gas Price Average odds to see the expected range for later this month.

Betting Odds for National Gas Price Average for 7/31/2022

Less than $4.00+3500
$4.00 – $4.24+1400
$4.25 – $4.49+475
$4.50 – $4.74+215
$4.75 – $4.99+240
$5.00 – $5.24+475
$5.25 – $5.49+1000
$5.50 or higher+1600

The odds for the National Gas Price for July 31st are available on BetOnline. By betting on these gas price ranges for the end of the month, you can win money and possibly pay for a tank of gas.

Gasprices.aaa.com will be the resource used for this bet, which is currently saying that the national average of gas right now is $4.721. If we take a look at the range of prices available, you’ll see that $4.50 to $4.74 has the highest chance of being in the correct range.

$4.75 to $4.99 is the second-most likely range, while it looks pretty open-ended after that. The odds for gas to be between $5.00 to $5.24 and $4.25 to $4.49 are the same at (+475). That means a $10 bet would win $47.5 if you choose correctly.

The highest recorded average price was a staggering $5.016 for regular unleaded back on June 14th, while diesel was almost at $6.00 ($5.816) on June 19th. If we look back to 2021, the gas price was something we wish we could have back at $3.141.

California’s gas prices are the highest in the country at $6.145, while South Carolina’s $4.230 is the cheapest.

Many things determine the gas price, so hopefully, you took economics in school. It’s a little bit of supply and demand, but some global variables also play a huge role.

Let’s take a look at what factors go into gas prices to see which range makes the most sense for us to bet on.

What Factors Into Gas Price?

So is it Joe Biden’s fault that gas prices are so high? Not entirely. Russia invading Ukraine plays a significant role in the global gas price, not just in the United States. About 8% of the oil we import is from Russia, which might not seem like much.

Oil is not priced on a national factor but more of a global aspect. Since Russia ranks second in the world in exports, banning their oil will hurt the worldwide price, not just in the US.

The pandemic also played an incredible factor in the gas prices today. Since everybody drove less in the last few years, the oil demand was lower. Basic economics tells us that the lesser the need for gas, the less supply there will be.

That means gas companies lowered their supply over the last few years to compensate for the lower demand. So now that we are somewhat back to normal, people are driving way more than we were during the pandemic.

So that bounced the demand back up, but the Russian bans have been hurting the actual oil supply. That means with less supply, price increases. So until we can get more supply, the price will be high for a good amount of time.

There have been talks between the US and Saudi Arabia and Canada to take Russia’s place for the US’s imported oil, while Joe Biden also called for Congress to suspend the federal gas tax temporarily.

The bottom line is that Russia is a massive factor in the global supply of oil. Since they are invading Ukraine, many countries have pulled out of business with them. That’s translated to an increase in gas prices worldwide, not just in the US.

It’s unlikely that Russia’s attack on Ukraine will end by the end of the month, which means they might not be back in the global export of gas for a while. That said, other countries could take Russia’s place in our imported gas. If that happens sooner rather than later, gas prices could drop.

The demand is there for gas prices to lower, but many global factors play into it. So, in the end, you can mostly thank Russia for your high gas prices.

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