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U.S. gas prices rise
With the supply low and the demand high, gas prices in the U.S. are surging. But they could plateau soon.
WASHINGTON, D.C. - The pain at the pump seems to have no end in sight for Americans. The average price of regular gas in the United States is now $3.21 — a jump of 5 cents in just the last two weeks.
The highest average for a gallon of regular is in the San Francisco Bay area at $4.39 while parts of Louisiana have the lowest prices at around $2.65.
Some economic experts partially blame lingering supply shortages for the rise in prices.
"Producers both in the United States but especially producers abroad really basically closed the valves and quit producing as much oil," Michael Davis, a professor at SMU's Cox School of Business said.
Officials at the White House are positive the high prices are actually normal for this time of the year. With folks excited to stretch their legs and get out of their homes, people want to go on vacations now more than ever.
"In the last 10 years pre-pandemic, for example, the average price of gas in July is nearly 30 cents higher than it is in January," White House press secretary Jen Psaki said. "Any prices are higher now than they were last year because Americans are finally able to travel."
While the cost to fill up is high, a light may be at the end of the tunnel. Initial skyrocketing crude oil prices have drastically slowed down, which may lead to a steadying of gas prices.
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