4 Reasons Why You’re Paying Record Gas Prices This Summer Driving Season

Inflation has taken over nearly every aspect of U.S. consumerism, and gas prices are no exception.

The average price of a gallon of gas in the U.S. is at an all-time high of $4.43, significantly above the previous record of $4.11 set in 2008.

Gas prices are going up – way up, and that’s an unfortunate truth that every driver in the country is grappling with. As a consumer, understanding exactly why gas prices are increasing is just as important as paying those high prices.

Reasons Why You’re Paying Record Gas Prices

International sanctions are no joke, especially imposed from one global superpower onto another. Sanctions are often only used in place of actual military action, and the results are arguably as severe.

1) U.S. Sanctions Against Russia

On March 8, 2022, the U.S. officially announced a ban on the importing of Russian gas and oil, effectively taking non-military action against Russian for their invasion of Ukraine. 71% of Americans supported the Russian sanctions even if it meant higher gas prices, according to a Quinnipiac University study.

The pandemic affected nearly every part of our daily lives on a macro and micro level, and the oil industry was no exception.

2) Overall Oil Production Ramping Up Too Slowly

In 2020, during the height of the pandemic, demand for oil was at an all-time low. Oil-producing nations faced crucial decisions with their own supply chains.

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