Post by the Scribe on Mar 19, 2022 19:19:04 GMT
Yahoo Finance
Gas prices ‘without a doubt’ changing consumer behavior, AAA spokesman explains
www.yahoo.com/finance/news/gas-prices-aaa-analyst-145925282.html
Edwin Roman
Sat, March 19, 2022, 7:59 AM
Gas prices 'go up like a rocket and down like a feather'
There are many factors contributing to spiking gas prices, which has partly been triggered by a rise in crude oil prices following Russia's invasion of Ukraine. A week after the invasion began, U.S. gas prices surged at a pace not seen since the aftermath of Hurricane Katrina in 2005.
White House officials have called elevated gas prices "Putin's price hike" while also explaining that prices aren't actually as high as they seem. President Biden took to Twitter on Wednesday to rail against sticky gas prices despite a recent drop in oil prices. (Gas prices notoriously lag the moves in crude oil.)
"Oil prices are decreasing, gas prices should too," Biden tweeted. "Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans."
Noting that gas prices "go up like a rocket and go down like a feather," Sinclair said that while recent hikes in the cost of gas may have peaked, U.S. consumers shouldn't expect much relief going into the summer travel season.
www.yahoo.com/finance/news/gas-prices-are-probably-still-headed-much-higher-173548279.html
"As the weather gets better, people want to get out and get rid of the COVID doldrums and take a trip somewhere," he explained. "And 85% to 95% of summer holiday trips and summer vacation trips are taken by motor vehicles. So demand goes up. And with it, price."
Edwin is a producer for Yahoo Finance. You can follow him on Twitter @eromanjm.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Gas prices ‘without a doubt’ changing consumer behavior, AAA spokesman explains
www.yahoo.com/finance/news/gas-prices-aaa-analyst-145925282.html
Edwin Roman
Sat, March 19, 2022, 7:59 AM
Gas prices 'go up like a rocket and down like a feather'
There are many factors contributing to spiking gas prices, which has partly been triggered by a rise in crude oil prices following Russia's invasion of Ukraine. A week after the invasion began, U.S. gas prices surged at a pace not seen since the aftermath of Hurricane Katrina in 2005.
White House officials have called elevated gas prices "Putin's price hike" while also explaining that prices aren't actually as high as they seem. President Biden took to Twitter on Wednesday to rail against sticky gas prices despite a recent drop in oil prices. (Gas prices notoriously lag the moves in crude oil.)
"Oil prices are decreasing, gas prices should too," Biden tweeted. "Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans."
Noting that gas prices "go up like a rocket and go down like a feather," Sinclair said that while recent hikes in the cost of gas may have peaked, U.S. consumers shouldn't expect much relief going into the summer travel season.
www.yahoo.com/finance/news/gas-prices-are-probably-still-headed-much-higher-173548279.html
"As the weather gets better, people want to get out and get rid of the COVID doldrums and take a trip somewhere," he explained. "And 85% to 95% of summer holiday trips and summer vacation trips are taken by motor vehicles. So demand goes up. And with it, price."
Edwin is a producer for Yahoo Finance. You can follow him on Twitter @eromanjm.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube