Why Gas Prices Are At An All Time High
What’s happening?
“Shell Gas Station” by JeepersMedia is marked with CC BY 2.0.
As gas prices reach all time highs, in just 2022 an average family will spend $2,000 more on just gas alone. On March 11, gas prices reached the all time high, averaging at $4.31 per gallon. The main question though, is how we even got to this point of high gas prices?
Republicans are saying that the spike in gas prices is all because of President Biden, but that’s not true. The U.S. is making more oil than it was in 2020 which was before Biden was elected for President. Though the prices of gas did increase while Biden has been president, the main reason is that oil companies are telling us that they are short on rigs, supplies, trucks and workers.
In California, people are paying an average of $5.42 per gallon. This could see some big changes, depending on if the U.S. makes a deal with Venezuela for gas imports.
Experts are saying to expect gas prices to remain the same prices for a few more weeks. However, the gas prices will still be expected to be expensive compared to the past years. Bill Adams, chief economist for Comerica Bank says, “Inflation will accelerate in March and April as the knock-on effects of the Russia-Ukraine war push prices even higher at supermarkets, gas pumps and on utility bills.”
It’s tough to predict what will happen next, but hopefully it’s not something horrible.
Related Stories:
https://www.cbsnews.com/news/gas-prices-high-expensive-come-down-cbs-news-explains/
https://www.wsj.com/articles/why-gas-prices-expensive-11646767172
https://www.pbs.org/newshour/economy/watch-live-why-are-gas-prices-so-high
https://www.cnn.com/2022/03/23/business/california-gas-prices-6-dollars/index.html
https://www.washingtonpost.com/business/2022/04/11/gasoline-prices-crude-prices/
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