GAS PRICES APPROACHING 2018 HIGH, RISING CONSUMPTION
People everywhere are feeling the crunch of rising gas prices. The national average today (Mar. 16) is $2.87 a gallon. We haven’t seen gas prices that high since May 2018 when the pump price was $2.98. Experts say there are many factors for the rise but the biggest is much more demand currently following a year-long COVID-19 gas usage draught. With very little traveling, Oil companies found themselves backed up with more oil than storage space. Oil industry officials said it’s pretty simple: when gas stops flowing in the U.S. the price of crude falls drastically. When consumption goes back, so does the price.
Not long after Covid hit hard a year ago traveling became almost nonexistent. Recently, the COVID-19 is easing up a
bit in some areas and people are getting back to traveling. Most experts say we may see prices hit $3.00 or more in the coming weeks.
Jim and Marge
March 17, 2021 at 8:10 am
How did the last administration keep gas prices low before covid?