Image Source: forbes.com
Written by: Ethan Price
March 22nd, 2022
Most Americans have come to realize over the last couple of weeks that gas will not be getting cheaper anytime soon. Since Russia's invasion on Ukraine, gas has only been more expensive to import from other countries.
Average gas prices reached a record high last week rounding out at $4.32 a gallon as America saw the largest month to month price increase of gas since the statistic started being recorded in the 1970s (WSJ). While these prices are certainly high, when we adjust for inflation, America has seen worse.
Some Americans have experienced worse price increases than others. For example, the average increase from state to state is $0.72, while Nevada have seen the largest increase of $1.15. Maryland is one of the lucky ones as their prices have only increased by 28 cents.
The price of gas affect all citizens, but small business owners have been hit especially hard by the the increase. As many small business owners do much of their company's legwork on their own, transportation costs can be detrimental to some business. Furthermore, the rise in gas prices result in small business owners having to pay more for delivery of raw of materials as well more to ship anything out (WSJ).
To look at a positive, with the fuel economy and efficiency of cars massively improving over the last decade, gas is not quite as expensive as the number at the pump may lead citizens to believe. Sadly, it does not appear there will be an end to the price increase anytime soon so Americans will have to get used to the heightened price of gas and budget accordingly.