Holiday season

High gas prices are expected to stay high during the holiday season ⋆ 4State News MO AR KS OK

If you’ve been to the gas station recently, you may have noticed an increase in gasoline prices. According to AAA, national gasoline prices rose 8 cents per gallon over the past week. and it’s hard for a small business like mine to manage costs with gas prices the way they are, ”said driver Ames Russell. on how much I can earn because I have to refuel my car to do this work. So it hurts a little bit, but you have to do what you have to do, ”added Todd Welch, another driver. According to AAA, the national average for a gallon of regular gasoline is $ 3.30. A week ago gas prices per gallon were around $ 3.18, and a year ago they were $ 2.31. Gasoline prices normally fall at this time of year as fuel grades change and people travel less. According to economists, several factors are contributing to the spike. First, there are distribution issues and the price of crude goes up to over $ 80 a barrel. And with the holiday season approaching, there doesn’t seem to be any relief in sight right now. Sage Policy Group economist Anirban Basu said. Demand is also on the rise around the world, and then there are ongoing supply chain issues. unloaded, all of this translates into delayed supply and higher prices, “Basu said. Economists believe oil producers will eventually run into surplus and prices will drop, but that currently doesn’t appear to be happening until the holiday season.

If you’ve been to the gas station recently, you may have noticed an increase in gasoline prices.

According to AAA, national gas prices have risen 8 cents per gallon over the past week.

“Over the past year prices have gone up and it is difficult for a small business like mine to manage costs with gas prices as they are,” said driver Ames Russell.

“Because I do jobs in the gig economy, I’m going to do Instacart and stuff, that definitely puts a damper on what I can earn because I have to refuel my car to do this work. So it hurts a little bit but you have to do the right thing, ”added Todd Welch, another driver.

According to AAA, the national average for a gallon of regular gasoline is $ 3.30. A week ago gasoline prices per gallon were around $ 3.18, and a year ago it was $ 2.31.

“We certainly see that the trends in gas prices are atypical,” said Ragina Ali, spokesperson for AAA Mid-Atlantic.

AAA says gas prices normally fall around this time of year as fuel grades change and people travel less.

According to economists, several factors are contributing to the spike. First, there are distribution issues and the price of crude goes up to over $ 80 a barrel. And as the holiday season approaches, there currently doesn’t seem to be any relief in sight.

“Based on the information available, they will continue to increase for some time or at least remain stable where they are, which is already quite high,” said economist Anirban Basu, of the Sage Policy Group.

Demand is also on the rise around the world, and then there are ongoing supply chain issues.

“If you add to that the whole supply chain, messy distortions, difficulties in shipping and unloading ships, it all translates into delayed supply and higher prices,” Basu said.

Economists believe oil producers will eventually run into surplus and prices will drop, but that currently doesn’t appear to be happening until the holiday season.


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