Why have gas prices been rising to an all time high in the past few weeks?

    Gas prices have been rising swiftly over the past few weeks, with no end in sight. On Mar 10, the national average gas price was $4.318, according to Gasprices.aaa.com. The last time gas prices spiked so high was during the 2008 financial crisis. 

    This time, however, gas prices are skyrocketing due to a few factors, including effects from the Russian conflict with Ukraine, and due to COVID-19. According to The New York Times, “Gas prices were already increasing before the invasion last month, as oil suppliers scrambled to keep up with rising demand from consumers and businesses recovering from Covid disruptions.” While the pandemic is the main reason for rising gas prices, it is not the only factor.

    Russia’s invasion is affecting gas prices worldwide, and it is stirring up an economic crisis. “Calls in recent days from U.S. lawmakers and others to ban Russian oil imports have spurred worries about another hit to global supplies. Prices at the pump, in turn, soared rapidly,” as stated by The New York Times. As we know now, President Biden has, in fact, banned the import of Russian oil and other resources. The challenge is trying to keep America’s economy afloat while also attempting to isolate Russia’s leader, Vladimir Putin.

    While Biden warned that his recent ban on Russian imports like gas, oil, and coal would continue to raise gas prices, the COVID-19 pandemic is the main reason for the increase. “Pump prices are climbing due to more crude oil prices. All of those crude oil prices are climbing right now on optimism that demand for gasoline is going to return to normal later this year. It’s all being fed by the vaccine rollout,“ said Morgan Dean, AAA Mid-Atlantic’s spokesperson, according to CBS 19 News.

    Another factor to consider is the fact that summer is approaching and COVID-19 restrictions are loosening. Because of this, the demand for gas is rising, making it even more expensive. “With mandates lifted or softened, people will be out more, coinciding with the typical rise of gas costs as summer approaches,” as maintained by USA Today.

    While rising gas prices are concerning, they won’t be so high forever. Gas prices are expected to peak in May, and decrease slowly after that. However, “gas averages are projected to remain at over $4 until the end of November 2022,” as stated by Good Housekeeping. Let’s all just hope that the pandemic and the Russia and Ukraine conflict will resolve soon, so we can see cheaper prices at the pump.