Why High Gas Prices in the United States are So Concerning

ttruong53

No one likes to pay more for gas

What happened to the gas prices in the United States these days?

Did they go up or go down?

Due to the price of crude oil, the average gas price as of November 23, 2021, in the U.S has spiked to $3.40/gallon, with California taking the top prize for the highest average gas prices at $4.71/gallon for regular-grade gas.

On the other side, Oklahoma takes the top prize for the cheapest average gas prices at $2.97/gallon for regular-grade gas.

The factors that influence gas prices include supply and demand.

Unfortunately, there have been misconceptions that gas prices are affected by U.S presidents themselves. That is not true.

The combination of high demand resulting from more people getting vaccinated against COVID-19 and not enough supply of crude oil means that consumers are paying more for gas to travel this Thanksgiving than last Thanksgiving.

However, gas prices are easing slightly, so drivers should face less burden on their wallets in the upcoming weeks.

President Biden will ask the FTC (Federal Trade Commission) to investigate to see if energy companies are artificially keeping prices high.

President Biden has plenty of options to help lower gas prices in the upcoming weeks. He could cooperate with other countries, or

Fortunately, the current average gas prices in the United States are nowhere near peak levels, which peaked at $4.11/gallon in July 2008.

I hope that gas prices will go back down to lower than $2.50/gallon because it will help us save money on gas.

This article was originally published on Medium

Current EventsGas PricesNational NewsEconomyEconomics

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Student at Kansas State University majoring in Finance. I cover stories that are related to lifestyle, education, local news in the Salina, KS area, and more.

Salina, KS
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