Why gas could reach $7 this summer

Jake Wells

Photo of individual getting gasPhoto by Dawn McDonald (Unsplash)

We're all feeling a lot of pain at the gas pump these days.

Currently, according to AAA gas prices, the average gas price in Pennsylvania is at $4.99 per gallon, which is just a few cents higher than the national average gas price of $4.95. While gas prices have dipped slightly over the past week, you can expect prices to increase as we approach July.

Why Gas Prices Keep Increasing

There are several reasons for the price increases. First is due to an increase in demand for gas due to summer travel. According to the Bureau of Labor Statistics, the average trip during the summer is 284 miles one way. Combine that with the decrease in gas supply due to the war in Ukraine, you have an equation that leads to price increases that hurt customers every time they go to the gas station.

And costs are rising all over, not just in Pennsylvania.

Gas prices are based on estimates which are very volatile. The entire country has been affected by price increases for fuel. So, as prices continue to rise, Pennsylvania could see gas prices rising to $8 or more per gallon.

Americans have a desire to hit the road, but we're certainly seeing increased hesitancy due to rising prices at the pump. Soaring inflation has led to uncertainty over rising costs,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

One partial solution to higher prices at the pump is going on shorter trips. According to Gas Buddy, 70% of individuals have said their summer travel plans have been affected by high gas prices which is an increase of 24% over the numbers from 2021.

What do you think about gas prices? Is it going to affect your travel this summer?

Please feel free to share your thoughts in the comments.

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Disclaimer: Please note that this article is only for educational and informational purposes.

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