Gas prices have been a rising problem in the last decade or so. More machines such as automobiles, tractors Etc. are being made. This causes supply and demand issues. The more gas that is needed, the higher the prices will be. The average gas price across the US is $3.630 as of April 11th. That is a 6-cent jump from last week’s prices. Just since the beginning of 2024 the price per gallon of gas has gone up 54 cents.
Why are gas prices so high?
Many people are confused to why gas prices have been getting so high. This phenomenon can occur in many ways. The US largest refineries had a massive outage earlier this year. This power outage had caused a large amount of oil loss. It would take the refinery a few weeks to get back into business. Another major reason for the uprising in gas prices would be the Russia and Ukraine war. A major pipeline in Russia was shut down due to the conflict. Ukraine believes that by attacking Russia’s oil infrastructure that will be able to stop the Russians from attacking further. All though that does help the Ukraine side, it does effect the rest of the world in some ways or another.
What is being done?
When something so big such as gas prices rising, the US citizens looks to one place for answers, The White House. Whoever is in office knows that this is one of the biggest problems for day-to-day Americans. The Biden Administration has been monitoring prices very closely. They want to make sure that the gas prices aren’t getting to far out of hand. Once it reaches the point of being unaffordable that is when it is hard to get it back to normal. The Biden Admin hopes that being able to monitor it close will help to reduce such high prices.
Will prices go back to normal?
It is hard to say if Gas prices will go down or not. Many experts predict that has prices will start going back to normal by the end of 2024. Although the average gallon of gas will likely surge closer we get to summer. Summer has always had a pattern of causing gas price surges. During summer more people are driving, when more people are driving that means more gas is being used. But after one more surge it should be slowly declining back to normal.
Factors
There are many economic factors that play in. Such as inflation, currency fluctuations, global growth Etc. When economies expand, demand for oil and gas typically rise, causing upward pressure on prices. When economies decline that causes a decline in gas prices. That may cause oversupply and less demand for oil.
2024 Election
Not something many people think about is how Gas prices may effect Presidential elections. This year is the 2024 presidential election, and many Americans are looking for a candidate that has a plan for the uprising in gas prices. Although the president doesn’t have much control on the subject, there are still bills and acts that they can sign to help reduce prices as much as possible. At the primary debates I believe gas prices will be a very important topic.
In conclusion, gas prices are subjects to economic factors, including geopolitical tensions, economic conditions, technological advancements, and consumer behavior. As a American there’s not much we can do for gas prices but wait and see. Expect to see and fast uprising in prices during the summer of 2024 but we can also Expect to see a slow decline in prices after summer.
