How Much Will It Cost To Fill Up Your Car This Summer?
According to Gasbuddy.com (link below), the average cost of a gallon of gas in the United States is currently $3.329. This is up from $3.169 over the past week, and $3.086 over the past month.
The cost of a gallon of gas has never been this high at this time of the year. In 2008, when the price of a gallon of gas in the United States swelled to over $4, gas cost around $3.11/gallon in late February.
As a matter of fact, gas is already approaching the $4/gallon mark in certain major cities across the country. The average price of a gallon of gas in San Francisco is currently $3.77, while Los Angeles is currently sitting at an average price of $3.74/gallon.
The price of gasoline has been spiking over the past few weeks due to the unrest in the Middle East and North Africa. The situations in countries such as Egypt and Libya have resulted in a surge in the price of oil, which has led to a dramatic increase in the price of gasoline in the United States and across the world.
General unease over the price of gasoline has turned into a full-blown panic over the past couple of weeks. If gas is over $3.30/gallon now, people are wondering, how high will it be once the summer months hit?
There has been a dramatic increase over the past few weeks in the number of media stories that are mentioning the rising cost of gasoline. This has just caused people to become even more antsy about the rising costs of gasoline and the possibility of this increase derailing any economic recovery in the country.
Assuming that the unrest in the Middle East/North Africa continues to last into the spring and summer (which is a pretty safe assumption I would think), expect the anxiety over high gas prices to reach a fever pitch in the country, especially when/if we take out the 2008 highs.
Filed under: The Economic Meltdown