Recently, gas prices have risen considerably. Last year, the national average was $2.11 per gallon and that average has increased by over a dollar to $3.41 per gallon (AAA). Many people wonder what has caused gas prices to rise so significantly. Most people tend to blame it on the election of Joe Biden last year. However, it is actually due to the economy opening up more now that COVID concerns are not as prominent as they were two years ago. Demand for gas at the beginning of the pandemic was fairly low, but with the economy reopening, demand for gas has gone up dramatically. This in combination with United States oil companies keeping supply low (to make additional profit) is what has caused the prices to rise so much (Domonoske). When demand for gas is high and the supply of gas does not increase with it, the result is the distressingly high prices we see at gas stations across the United States. Filling even a twelve-gallon tank could cost about $41 dollars, not including tax. If someone fills up once a week, they could easily end up spending close to $200 a month on gas, and around $2,400 for the year. The steady increase in gas prices may very well lead people to make the shift to a smaller or even an all-electric vehicle.
AAA. “Falling Back: Will Shorter Days Lead to Less Demand for Gas?” AAA Gas Prices, 8 Nov. 2021, https://gasprices.aaa.com/falling-back-will-shorter-days-lead-to-less-demand-for-gas/.
Domonoske, Camila. “Why Gas Prices Have Increased in the Last 3 Months.” NPR, NPR, 24 Mar. 2021, https://www.npr.org/2021/03/24/980894432/why-gas-prices-have-increased-in-the-last-3-months.
Hi Megan! This topic definitely hits close to home for all of us. It can be disheartening to see the gas prices steadily climb up every time we pass a gas station. I think you are right about this increase in demand being part of the issue, but I believe there are other factors at play—for instance, inflation. Gas is not the only thing that has been going up in price. Groceries and even the cost of clothing have been going up as well. In a way, I think the policies of the current Biden administration also are to blame. Various of Biden’s policies throughout the pandemic and some of the policies he supports or wants to pass would further increase prices. Overall, this is a fascinating subject, and I appreciate that you chose to discuss this.