Raising Gas, Raising Anger

Gas prices are on the rise, but what is the impact?

Ellie Solovyev

The price of gas has been going up drastically in the last few months. There are many reasons as to why this is happening, and they are not necessarily recent. As resources are used up, specifically crude oil, it has a larger effect than it seems. This escalation in demand, but lack of supply, has caused a significant growth in the price of gasoline.  

Recently, the price of gas has been lingering at about $4.30, which is quite out of the ordinary, as it even exceeds the prices during the financial crisis in 2008, which was about $4.10. On the contrary, when Covid hit, it caused prices and demand to decline. This still plays a part in today’s lack of supply, as many oil producers had decreased production, making them unprepared for any kind of skyrocketing demand. Then, two years after Covid, many Americans and others started traveling much more, causing said skyrocket but could the supply keep up? 

Then, the dispute between Russia and Ukraine added even more fuel to the fire. As Russia is a major oil producer, it created a large ripple effect that impacted many countries. This also caused the price of oil to rise, as production was limited. There is no telling when prices may drop, and according to www.cbsnew.com “Prices are expected to average somewhere around $3.80 this year, according to the U.S. Energy Information Administration.” Moreover, despite how gasoline prices are leisurely going down, it is still predicted that there will be another drastic increase. 

 Although recently, oil prices have been going down, gas prices are still aloft. The truth is, the longer this rise in prices lasts, the more likely it will last much longer than it should before a decline occurs. Either way, with the current situation, the decline will be much slower than the incline. As expressed, there is truly no telling what will happen with this, as the gas prices mainly depend on the market and only time will tell whether they go up or down.