COVID-19, geopolitical tensions, and inflation have pushed the average US gas price above $4.00 per gallon for the first time since 2008, the current average being $4.114 per gallon. In some cities, like San Francisco and Los Angeles, gas prices have reached over $5 per gallon.

Since COVID-19 restrictions and mandates have been lifted, more and more people are going out of their homes and traveling. Because of this, gas prices have been affected. The more gasoline and diesel that people are using, the more prices are likely to increase.

Additionally, another main reason that there has been a sudden rise in gas prices is due to the sanctions that have been placed on Russia, since the beginning of their war with Ukraine. These sanctions have decreased their ability to sell crude oil, which plays a big role in the fluctuation of gas prices. The price to purchase this oil has also increased because of this, making it difficult for countries to have access to it.

Lastly, inflation has hit many Americans since the rise of the COVID- 19 pandemic. Elevated inflation has been caused by hovering supply chain issues as well as consumer demand for goods following the reopening of the economy in 2021. The economy is still feeling many of the effects in 2022, as the supply chain has still not recovered. In fact, families of all levels of income are feeling the impacts of this inflation.

Many people will feel major impacts to their wallets as gasoline prices continue to soar. It

is estimated that families will pay $2000 in additional fees this year due to the costs. Families may be left to cut budgets on other areas of their lives in order to afford these new fees, or they may be left finding other cheaper options of transportation instead. Either way, many will need to make adjustments to adapt to this new way of living during the time being.

With rises in not only gasoline prices, but also in necessities like groceries, many Americans are struggling to keep up with the bills. They are left wondering when they will get a break, and when some of these prices will begin to go back down.

“Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day,” GasBuddy wrote in a statement. Another source, 2022 Fuel Outlook, predicts that fuel prices will begin to decrease after Memorial Day. They further predict that by December of 2022, the average gas price in the US will hit $3.78 per gallon.