The Rollercoaster of Gas Prices

The+Rollercoaster+of+Gas+Prices

Rachel Dickerson, Reporter

In the past year, gas prices were at a record high. Many factors such as the state of the economy, the lessened supply of crude oil, and the repercussions of the COVID-19 pandemic contributed to the increase in gas prices. The raised prices affected people nationwide and created issues of their own. 

Recently, gas prices have fallen. 

“High prices bring down demand, which brings down prices,” Consumer News and Business Channel said. 

The high prices caused many people to begin driving less. For instance, deciding to not take a road trip or carpool more to get from place to place became a solution to avoid the high gas prices. The drop in demand for gas created room for prices to drop and supply to gradually increase. 

But the rollercoaster isn’t over yet.

“The streak of daily declines in the retail price of gasoline is about to end as crude oil and refined product futures have rallied off their recent lows,” the president of Lipow Oil Associates Andy Lipow said. 

Prices naturally fluctuate depending on the demand, supply, and current state of the economy. With prices lowered, people will start to get gas more. The industry can only supply the amount that everyone needs effectively for so long before they are forced to raise prices again.

And while the recent gas prices may seem like a blessing, consumers are still paying higher rates than they were in 2021. 

While no one truly knows the future of gas prices, consumers can still help themselves by driving less and using less gasoline-powered transportation. Using less gas helped consumers cope with the severe price increase in the past, but the industry can only hope the trend continues.