As others see it: Higher gas prices impact everyoneIt is still six weeks to Memorial Day, yet the national average for a gallon of regular gasoline is now at $3.82.
By: West Central Tribune, Worthington Daily Globe
It is still six weeks to Memorial Day, yet the national average for a gallon of regular gasoline is now at $3.82.
West central Minnesota gas prices are a bit higher, ranging toward $3.85.
This certainly pushes a normal refill of the average car to more than $50, or closer to $100 for a pickup or SUV.
This recent, three-week price increase in gasoline may result in all-time high gasoline prices by Memorial Day and into the summer. Industry experts believe the average price of gasoline could surpass the record $4.11 set in July 2008.
Driving this gas price escalation is the seasonal summer demand, petroleum speculators and political uncertainty in the oil-producing countries around the world.
Fuel speculators, relying on continued political unrest, have pushed the price of crude up recently, according to some commodity traders.
The escalating price of gas is already beginning to cut demand, as families and businesses are adjusting their driving habits and changing trip plans.
Fuel costs are also a factor in price inflation, as businesses adjust their prices to cover their cost increases.
The higher cost of fuel — from your trip to the grocery store to the farmer plowing this spring to the over-the-road trucker bringing goods to Minnesota — is affecting all of us.
If gasoline pushes past the $4-a-gallon range, both consumers and businesses will in turn adjust and start cutting demand.
If this year’s 25 percent increase in gas prices continues too much higher, the national economy will be negatively impacted.