By Joe Pratt | LTVN Anchor/Reporter
People across the country have noticed the rise in gas prices over the past few months. It seems as though almost everyone has their own opinion about why these spikes are occurring and what is the best course of action in saving money on gas. Citizens live in the fear that these costs will continue to rise, especially with our world in turmoil overseas.
The truth is, the more we buy gas, the more likely it is that prices will continue to rise. This is a natural reaction for Americans, with the uncertainty of whether gas prices will ever simmer down to a more ordinary mark. It’s possible that a year ago, you would disregard your vehicle’s fuel tank at a quarter of a gallon. But today, you may consider filling up the other three quarters just in case the cost per gallon rises tomorrow. I think that tactic is unnecessary, as the more people buy gas, the greater the demand of gas — and thus, the price climbs.
You may have noticed the costs are now declining steadily after we saw severe peaks just a few weeks ago. I think I speak for everyone when talking about the nervousness of these prices. Driving down Valley Mills and noticing the signs portraying an amount above $4 per gallon was nearly jaw-dropping, as that price was in the upper $2 range when we came to school back in August. With the price settling back in the mid to upper $3 area, we can now relax a little bit more and fill up a little less frequently.
These problems similarly relate to the frenzies in grocery stores that we experienced nationwide when the world shut down back in March 2020. Toilet paper vanished from the shelves, along with other key items such as eggs. Costs for these items went up as demand grew; then, their stocks rose again as demand decreased along with prices.
One solution that people have thought about regarding the current situation is trading in their gas-powered car for an electric one. A transfer like that is also futile. While the concept is very simple and effective for some, it does not apply to the average American. If someone is worried about paying $80 to fill up their vehicle, how are they supposed to afford a whole new electric car? People have logical ideas when trying to get by gas prices while spending a low amount of their paycheck, but solutions like this are not effective.
The truth is, we had our gas market boost, but since the prices have now surrendered back to the $3.75 field, Americans should not worry too much anymore. With crude oil prices increasing to above 100, gas costs will mirror its trends.
There are several factors and moving parts that will influence gas in America throughout the year — from the Ukrainian conflict to the Biden administration’s actions. I think we can expect to see little change in our prices for the rest of the year, as long as people do not rush to the pumps in worry that the cost will jump tomorrow.