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Gas Prices Are Now Highest Since 2014
Gas prices are at their highest levels in the last seven years. Even worse, prices might remain elevated all summer even as Americans prepare to hit the road on their first post-coronavirus trips.
RELATED: Brace Yourselves For $3 per Gallon Gas Prices
Gas Prices During Memorial Day Weekend
According to the American Automobile Association, the current average price for a gallon of unleaded gasoline is $3.04 per gallon.
This is 16 cents more than a month ago and $1.08 per gallon higher than last year. Despite the increase in gas prices, the AAA expects 37 million Americans will travel this Memorial Day weekend.
This represents a 60% increase over last year when many businesses shut down due to the pandemic.
In addition, gas prices jumped earlier this month after a cyberattack shut down the Colonial Pipeline. This oil and fuel network primarily services the East coast and had to stay offline for six days while owners frantically communicated with the hacker group who shut down the pipeline.
Many car owners, especially from the Southern and Southeastern states, panicked and started hoarding gas. As a result, gas prices shot up by more than 20 cents per gallon.
Gas Prices Shoot Up Due to Increased Demand
Demand for fuel rose last week, reaching 9.5 million barrels per day. This is the highest fuel consumption rate since March 13, 2020, which happened during the early days of the pandemic.
“There’s part of me that feels like the market has a potential to overheat this summer, just because people are stuck here,” remarked Patrick De Haan.
De Haan, who is head of petroleum analysis at GasBuddy, said he expects more driving vacations since international travel remains elusive.
“Everyone wants to get out. If there’s any hiccup in the system this summer, it’s going to be hard to fuel up,” he said.
Also, De Haan said that prices might spike some more this summer. Any unscheduled refinery outages or random hurricanes can disrupt the flow of crude or refined oil products.
“Usually when prices go up 50 cents, people say they’ll just stay home, but not this year, with the pent-up demand. If there are any kinks in the system, it could get ugly,” he said.
Many Americans Find Gas Prices Irrelevant
AAA warned that some stations in the Southeast can continue experiencing supply shortages during this Memorial Day weekend.
Drivers won’t have any problems filling up their tanks, but once they get into popular travel areas like beaches, mountains, or national parks, low supplies could greet them.
De Haan cited a GasBuddy survey showing that 53% of Americans saying that gas prices are irrelevant. Another 57% expect to take at least one road trip this summer.
“I think it’s possible that we will have some blockbuster weekends that break records. It’s just because Americans have been stuck at home,” he said.
Gas Prices Peak During Summer
Currently, gas prices range from a low of $2.75 to $3.25 for a gallon of unleaded gasoline. De Haan and other experts say the national average might dip lower as prices go down in areas affected by the Colonial pipeline outage. The latter transports gasoline from Texas across the South and North to New Jersey.
As a rule, gas prices usually peak early in the summer driving season. However, experts say that for this year, there won’t be a peak before July 4th.
Tom Kloza, global head of energy analysis at OPIS said that he does “think we’ll see a June swoon,” though prices will stay around $3. Pressure is building from a shortage of tank truck drivers.
This could make fuel deliveries more difficult in remote areas far from storage terminals. “I think it’s going to be very lumpy,” he said, noting that demand could surge some days to a high of 10 million barrels a day.
Watch the CBS 17 news video reporting that Memorial Day weekend gas prices highest since 2014:
Loading ...Will you take a Memorial Day vacation this year involving a road trip? Will the price of gas affect your decision?
Let us know what you think about the rising prices of gasoline and other oil-based fuel. Share your comments below.
10 Comments
This is NOT the time to put down your guard and Step Out into the wild blue yonder. Along with you will be Every Single One of those who are WILLING TO ENDANGER YOU , and those who Just Don’t Care !
You think that “Everything is Okay”??? Lol 😆 …. yeah, right ! Go for it! I’m not saying don’t venture out …. what I’m telling you is that you’re not totally safe. Just remember that if you fly, you’re the most susceptible. If you drive, you’re mostly safe. If you venture out of state, you’re doubling your odds of danger. If you stay within “your zone”, you’re definitely safe! Just be diligent, be wary, be careful.
Your safety is your lifeline.
Don’t trust anything or anyone you don’t know. There are dangers everywhere. This is not the world of 2019 any longer. You now live in the Pre-PostCovid Era. It’s kind of like what you’d imagine in a Post-Nuclear World….except this is biological.
Have A Great Memorial Day Weekend. Just remember to Honor The Veterans Who Died For You, So That You Could Walk These Grounds We Call “AMERICAN” !
The Harris-Biden administration along with all their Communists supporters love inflation, as its a tax on the poor and middle class. They can’t wait to squeeze every dime out of the American people and render them completely dependent on government (specifically the Chinese government). The longer they can keep the scamdemic going the more destructive they can be to the heart of this country. They aim to make good on their promise to “fundamental change America” and it isn’t for the better. Soaring crime rates, soaring inflation, welcoming hundreds of thousands of unskilled workers to come here illegally, defunding and demoralizing police department’s, purging the military of political foes, encouraging daily looting and rioting, censoring descent, attacking the people’s right to protect themselves while in a crime wave, and continuing the pandemic lie to justify it all. These people are pure evil.
For ANY distance I fly not drive
Don’t listen to the administration when they try to tell us they aren’t responsible for rising gas prices. Prices have been going up since November. When they got in office they stopped new drilling in the Gulf and on government land. Stopped Keystone which even though it wasn’t in operation this sent a message that this administration is not gas friendly.
Watch the other oil producing countries start to put the squeeze on the US
Mark, you are spot on. All free markets, as long as we have one, work the same. Supply and demand. When the traitors in Washington shut EVERYTHING down, people were forced to stop traveling or even going out to dinner. Prices had to drop but they didn’t. That is called forced inflation.
John, you are obviously a patriotic, solid citizen. But they have gotten to you. We can’t go through life fearing every unknown. This “pandemic” was forced on us. Come on, you don’t really believe that this country went from averaging 40,000 deaths a year from the flu to 1,400, do you?
You don’t really believe that every death was caused by some “bug” unless there was some sort of violence involved, do you? The great Dr. Fauci changed his mind every week regarding the ramifications of this “bug”. Please, stop and think about all that has happened.
Every thing that is Effed up is caused by Biteme.
I have been taking trips the entire time. Had Covid at the start(over a year ago), still have the antibodies and have been exposed several more times but have not gotten it at those points. Been downstate, out of state and even a couple trips to Fl for Disney and Universal as well as outdoor waterparks in communal pools. I have not gotten sick again and do wear my mask aside from the pool and inside my personal dwelling/car/away from others outside. Do what you can to feel safe, protect others as best you can and live your life. If you want to be afraid for the rest or your life and wear your mask for upcoming years because that makes you feel safe, you do you. I have a few more trips planned as well as a couple of cruises as well. I will live my life and hopefully normal will come back soon
Had covid, survived just like 99% of all who get it. No facial diaper can top a virus and I’m not in the habit of hanging out with people who spit in my face (droplet airborne spread). Flying is horrible these days, overwhelming smell of disinfectant, and still people are allowed to have uncontrolled pets, be too far for their seat and have way too much stuff. I’ll stick to driving. At least that way my biggest frustration is people in the left lane not passing!
@John Guillot. You sir, need to either get a clue on what’s really going on or stay in your safe place to shelter against the “Big Bad World”!! I find it appalling that you state “Just remember to Honor The Veterans Who Died For You, So That You Could Walk These Grounds We Call “AMERICAN” and turn right around and state everyone should cower and hide?? I’ve paid my dues to this country and will tell EVERY SINGLE RED BLOODED AMERICAN to get out and live your life. DO NOT cower to this bullshit pandemic and teach your kids to be strong and see things for exactly what they are! I’m goddamned sick & tired of hearing or reading supposed patriotic Americans telling everyone to live in a f’n bubble?!?? Do you think any of the dead fighting men that you will memorialize this Monday looked at the danger in front of them and said “nope, we shouldn’t go out there, we may get killed” ?? Americans better wake up and change course from the weak cowardly path that we are on now or we will be owned by a foreign communist party without them every firing a shot!!
Ever since the November Elections when this fool allegedly was the most loved Presidential Candidate in the history of our Nation with a record 80 + million votes was when our Country started going to F**k. Even though he didn’t have rally’s nor did he even have many supporters at any rally’s. I saw he had a parade of supporters driving around in a caravan. All 4 vehicles. Everybody blamed the Real President’s inability to stop the pandemic . They used the Bull Shit racist card & the Covid -19 scare tactics that worked. Their still milking the same Shit and it’s still working. Because all you sheep continue to be afraid of going anywhere. Now their pushing the Vaccine on everybody or else…. Masks & Vaccinations or else… I believe that I had Covid-19 in the early stages. For my employment I’ve been tested weekly and at times double weekly. I’ve been tested approximately 60-70 times.. negative every time. I’ve been with people who are in quarantine and still test negative. I’m supposed to wear a mask at work, but I don’t. If it was really killing people the way they make it out to be I would be wearing more than one mask and I wouldn’t be next to anybody. But it’s a bunch of Bull Shit. They say the hospitals were bombarded with patients, no rooms available.. but if you drive to any local hospital you can park anywhere you want and if you decide to go inside you will not see people galore. A bunch of Bull. As bad as they tried to make it seem in order to scare the people with all their fake news showing hospitals pack and people dying like crazy I never saw what they said nor did I see any hospital packed with patients. As a matter of fact I might have believed them if I would have seen people falling and dying all over the streets hearing Ambulances & sirens everyday non stop. But I didn’t even hear that.. American people have a reputation of being Brave & Strong. But what I’m hearing and seeing is Americans who scared and following whatever this administration tells them to do. This administration is the same type of administration as the Obama administration. One that separates the people by using the term race. All that does is separates the country. In country fighting to keep us from being United. While they destroy our country. We’re worrying about someone not wearing a mask. I could care less if you want to wear your mask 24/7. You can drive solo with a mask or sleep with a mask and I could care less, that’s your choice. And if I don’t want to wear a mask, that’s my choice. It’s non of your concern. Respect the ones who don’t wear a mask the way the mask less respect your choice to wear a mask. If you live in Florida or Texas no problem. You live in California your F***ed. Politics… Wake up people. Give your body and lungs what they deserve…. FRESH AIR.. Unless you enjoy inhaling fibers..