How Social Media Reacts to Gas Prices
Elsa Lindsay, reporter
Gas prices are hitting record highs almost daily, causing financial pain at the pump for millions of people. It's also spurring questions about why fuel is so expensive and who’s to blame. Consumers are also wondering when they might see some relief.
James Lindsay said, “I think gas prices might continue to increase because looking at how they are run they are like what $5 and we don't know they could possibly go higher.” Not surprisingly, soaring gas prices are having an impact on household budgets.
A typical family may incur additional cost of $2,000 due to higher costs. Suddenly, fuel prices are a major topic of discussion, with families budgeting for higher gas costs and cutting spending in other areas. Gas prices have been rising for weeks due to the conflict and in anticipation of potential sanctions on the Russian energy sector.
Gas prices have reached records above $4 a gallon, threatening to hamper economic growth, lift already high inflation and cut down on summer road trips. The reopening economy already had lifted prices from pandemic lows, but the rise turned into a surge after Russia’s invasion of Ukraine. Events in Ukraine have caused oil prices to skyrocket, pouring gasoline on what was already a smoldering fire.
Olivia Lindsay said, “I think gas prices are increasing due to what's going on between Uk and Russia, because prices may be going up, especially for gasoline (and indeed already have).”
The price of gasoline is how consumers are most likely to feel the war’s inflationary impact in the short term, according to economists. Indeed, gas prices have risen since Russia’s saber-rattling started, even before Feb. 24. Over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008.
Jacob Madrigal said, “I think gas prices will continue to rise.”
As Russia’s war on Ukraine prompts fears of severe supply shortages. More than 50% of the cost of gasoline is based on the price of oil.
Gas prices are rising quickly going from $2.50 to $5.00.
Photo credit: Elsa Lindsay