Gas Prices

The other day we were out and about, and I noticed we were running low on gas. I stopped at a gas station to fill up and was shocked to see that gas prices were up to $3.39 a gallon. Admittedly, I don’t drive much since my commute became a walk, and it had been a while since I filled the tank. Still, $3.39 seemed like a pretty abrupt upward change in the price for unleaded regular.

Statistics show that there has been a rise in gas prices in Ohio, which have risen again since my visit to the pump last week. You can see charts with records of Ohio gas prices here and here. The data shows a recent surge in prices, with fuel costs up by more than 4 percent week to week and more than 38 percent over the past year–which obviously is not a good trend. At the same time, however, the data shows that the current price for gas is below historic highs, which touched $4.00 a gallon in 2008 and 2011 and came close in 2014. It seems to be human nature to forget the prior high-price periods and fondly remember only the low-price days.

Still, the current trend of price increases is alarming, and the volatile situation caused by Russia’s invasion of the Ukraine isn’t going to help reduce gasoline prices, either. At some point, a continuing spike in prices will cause new sources of gas to come on line–that’s how the law of supply and demand works–and it may prompt the Biden Administration to change policies that many believe have contributed to price increases. Until that happens, though, we’ll have to ride out the surge, and the burden is going to fall primarily on people who have long commutes and have to use their cars a lot.

A sudden jump in gas prices isn’t something that people typically budget for, so it will cause belt-tightening and grousing. And if the Ukraine situation provokes further increases and takes prices to new heights above the $4.00 a gallon level, that might just be something that people actually remember going forward.

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