Why Gas Prices are Rising

Why Gas Prices Continue to Climb

Pump prices at a California gas station.
Credit: marketplace.org

Pump prices at a California gas station. Credit: marketplace.org

Katherine Conner, Staff Writer/ Editor

Gas prices are hitting new record highs daily, which causes financial pains to the lives of Americans across the country. However, it remains to be seen as to why gas prices are so high and who is fueling these prices. Another question that consumers are asking is when the astronomical prices are expected to go down. 

Soaring prices are having a huge impact on households, as a typical family might have up to $2,000 additional costs for just fuel alone, as reported by CBS News. March 11 saw an even larger peak, with gas prices at an average of $4.33 per gallon. The previous record was $4.10 a gallon in 2008, just before the financial downfall.

However, drivers might see some relief in prices, as crude oil prices fell below $100 a barrel on March 15. Prices at the pump also fell 2 pennies to $4.31 a gallon. The motorists’ group has claimed that “If this trend holds, it may remove some of the extreme upward price pressure consumers have found at the pump, but not all”. 

But why are gas prices so high in the US, as the current Russia-Ukraine war isn’t affecting the US. CNN reports that Russia is the second oil producer in the world and the US is the first. However, US oil producers can’t or won’t fill the gap left by Russia, even though they could make tons of money, given the high demand and the limited supply. It remains to be seen as to when the prices will go below $4.00 a gallon or to a reasonable price. 

Where Russia’s oil goes.
Credit: Washington Post.com

In the meantime, fuel prices will remain a major issue, with families planning for higher gas costs and cutting other areas. The Morning Consult reports that some Americans have decided to start driving less and 1 in 3 adults have said that they are reducing their car usage. Many Americans can hope that the pain at these pumps won’t last too much longer, but that will remain to be seen in the coming months