Gas prices have increased dramatically, causing uproar amongst many citizens who are directly affected by this change. Whether someone relies on gas to get to work every day or just needs gas for the weekly grocery run, these prices have been burning deep holes in people’s pockets.
Senior Milan DelaCruz says, “I try not to fill up my car [with gas] for as long as I can because it costs so much.”
Another senior at Wilsonville High School, Trevin Hahmeyerk, explains, “I hate driving far because gas is so expensive. It’s like double what it used to be for me to fill up my gas tank.”
According to professionals, the rise of crude oil energy demands is the main cause of this phenomenon. Crude oil is a naturally occurring fossil fuel found underneath the Earth’s surface, and the main ingredient of gasoline products. The price of this oil is the most significant predictor of gas prices.
Recently, due to increasing demand for and worry about the limited supply of oil, oil prices increased on the oil market. As oil prices increase, gas stations begin to raise their prices to compensate for the difference, and vice versa.
Professionals note that the reason behind increased gas prices is a result of a decrease in supply in the oil market. Consequently, refineries must pay more to purchase oil, and these costs are reflected in the price customers pay for gas.
Depending on the season of the year, gas prices spike. Since more traveling – and subsequent need for gas – occurs in the spring and summer, gas prices increase due to this higher demand. This annual slight increase is just the cherry on top of already high gas prices.
Despite these recent, alarming spikes, some experts believe that prices have the potential to go down depending on how events play out later in the year. The Short-Term Energy Outlook report by the EIA notes that with increased production and supply, gas prices could return to normal. However, if production cuts occur, prices will continue to break new bounds and fly.
As of right now, there is a lot of uncertainty about what the future holds for gas prices. United States citizens must buckle up and be ready for the ride, as prices will probably continue to take unexpected turns!