why did gas prices go up? Extreme weather, conflict or natural catastrophe in locations where oil is extracted could also in turn affect the price per gallon of petrol. Legislation by some states for clean burning fuel also influences specific areas’ cost of gasoline. Equilibrium between market forces directly impacts the cost of gas. Price of natural gas: What’s driving inflation, high gas prices? Similar to other commodities, natural gas prices are primarily determined by market forces of supply and demand. However, energy prices may also be correlated with petroleum and petroleum product prices, particularly in continental Europe. Historically, fuel costs in the US have tracked oil prices. Separated from oil, it is currently moving in a direction similar to that of coal prices . As of January 20, 2022, this is the price on the U.S. The Henry Hub index is now at $3.87/MMBtu ($13.2/MWh), down from its all-time high of $14.49/ MMBtu ...