Gasoline prices have skyrocketed in the last year. There are multiple reasons for this, with the real reason being a combination of multiple reasons.
First of all, it is crucial to understand that gas prices during the beginning of the pandemic were at an almost historic low. Gas prices were plummeting because gas and more importantly oil demand plummeted due to COVID restrictions. In addition, when the government loosened restrictions, demand increased. Meanwhile, supply was falling behind. Part of this has to do with a sudden demand spike after very low demand, but it also has to do with issues faced in oil production, whether it be hurricanes or hackers, the supply chain has faced numerous issues that affect production even further.
What do South teachers think about these high prices?
“I am not personally affected much by the higher gas prices,” Greg Berry, an English teacher here at South said. “Those people who travel a lot and who have longer commutes to work are greatly impacted,” especially if they have lower disposable income. He also mentioned that the higher gas prices have a “trickle down effect” [effect causing prices in other items to increase]. For example, airlines might price airplane transportation higher because of higher gas prices, causing retailers to raise prices on items that require that transport.
Gas prices are high at the moment but should be getting more stable as supply issues get figured out. However, there are no guarantees, so potential commuters might want to consider that the next time they think about putting a gas-powered vehicle in their routine.
