When Will Gas Prices Go Down?
Gas prices are skyrocketing, but drivers shouldn’t expect them to go down anytime soon.
Written by Alexandra Maloney
Reviewed by Kathleen Flear
If you
own a gas-powered vehicle
, as opposed to an electric car, you and your wallet have likely noticed the increase in prices
when you take a trip to the pump to fuel your car. With increased fuel prices throughout the country, and the world, many have been left wondering why gas prices are so high.And, perhaps more importantly, drivers are wondering when gas prices will go down. Although only time will truly be able to answer this question, we have some expert analysis into the fuel industry here, to get a bit of insight into the current situation as well as predictions for the future.
Why have gas prices risen?
As gas prices have hit record highs throughout the country in the last few months, it’s no secret the extra cost for fuel is a financial burden to many drivers. According to
CBS News
, a Wall Street source estimated a typical American family could incur additional costs of about $2,000 this year on fuel prices alone. So, what’s made gas prices so astronomical in the recent months? The cause can be linked to two things: the ongoing COVID-19 pandemic and the conflict between Ukraine and Russia. The pandemic has had gas prices on a steady incline for a while, largely due to a supply and demand imbalance as well as staffing and equipment shortage issues at refineries,
CNET
reports. More recently, the conflict between Ukraine and Russia has escalated gas prices even further. While President Biden has sanctioned Russia by banning all oil and gas imports, this isn’t the cause for high gas prices, because the United States imports less than 10% of its oil and gas from Russia, according to CBS News.
Instead, the sanctions being taken by countries all over the world against Russia are creating a problem in the global oil market. While the U.S. doesn’t get much fuel from Russia, other countries do and have cut those ties. That means, other suppliers of oil can raise their prices as demand increases.
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When will gas prices go down?
With all of these factors working together, gas prices have risen exponentially.
USA Today
reports that AAA stated the national average for gas is $4.32 per gallon, and only continuing to rise. Diesel prices are even higher, with an average cost around $5.06 per gallon.Unfortunately, you shouldn’t expect gas prices to go down anytime too soon. Bill Adams, chief economist for Comerica Bank, said in a report gas prices are expected to continue increasing throughout April, at least.
As the COVID-19 pandemic and the Russia and Ukraine conflict continue on, the prices will likely continue increasing. Combine that with inflation costs and supply chain issues, and it becomes clear gas prices might continue being a problem well into the future.
Which states have the highest gas prices?
While the impact of high gas prices is being felt everywhere, some states feel the burden a bit more, with the highest prices in the country.
USA Today reports that California has the highest gas prices of all, at $5.69 per gallon. That makes California the only state to average over $5 per gallon. And California’s diesel prices reach over $6 per gallon.
Kansas residents are experiencing the lowest gas prices in the country, at $3.48 per gallon. Including Kansas, only 12 states have average prices under $4 per gallon, largely in the Midwest.
But no matter where you live, these increasing gas prices are likely impacting your and your family.
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