Due to the imbalance between supply and demand of availability of crude oil, according to The Washington Post, “the average cost per gallon of gasoline in the U.S. hit $4.37… [which is] the highest price AAA has recorded since it started keeping track in 2000.” Transportation requiring gas has become a monetary nightmare. Although $4.37 may not seem like a lot by itself, when refilling a gas tank with 10-15 gallons, it adds up. As a high school student who also maintains a part-time job, the rising gas price shave caused a big dent in my bank account, with an almost $20 gap from what I used to pay for gas.

The dramatic gas prices have caused frustration in our society on how much we have to spend for the necessity of transportation. But why have the prices increased so much? According to The Washington Post, “after shutting down wells and laying off employees, oil companies have been slow to catch up to the rapid rise in gasoline demand… [which is what] caused prices to climb… Then, as Russia’s attack on Ukraine unfolded, the market began adding a risk assessment to the price of oil, making it spike.” Although only about 3% of the U.S. crude oil intake comes from Russia, the impact of rapid spikes of economic activity – oil production wise – makes gas prices rise globally.

According to CNN, JPMorgan says that “high gas prices impose a ‘greater hardship’ on families that are less able to adjust their consumption.” With little to no increase in wages of our society, those who were already struggling now face advanced problems of providing for themselves and their families, not only by increase of gas prices, but multiple economic products that have been impacted by inflation. 

Paying up to $70 when refilling my tank really makes me miss when, according to USA Today, “the national average [of gas per gallon was] $1.78.” This was mostly caused by no one traveling due to all of the U.S. being scared to travel or even leave the house during the height of the COVID-19 pandemic. Although the trajectory of gas prices isn’t entirely predictable, according to The Washington Post, “as long as Russia continues to fight in Ukraine….gas prices are likely to remain inflated.” 

So my only advice to those of you who don’t want to spend big bucks on gas each month is to drive less. Although the inflation of gas prices isn’t a good thing, it encourages people to find different ways of transportation or ways to limit their transportation. This can be beneficial both to you and the demand for gasoline.