CRUNCH: WORLD WIDE GLUT OF OIL IGNORES SUPPLY AND DEMAND - Gasoline Prices Rising To 2014 Levels

(07/09/2021)

As the summer travel season is ramping up, Americans are having a severe case of sticker shock at the pump. Despite the world having a glut of oil, the market money changers see to it that prices are up, ignoring the principle of supply and demand. Thursday’s national average for a tank of gas was $3.14, up 1 cent from Wednesday and 2 cents from a week ago. Workers who commute from rural areas like Calhoun to paying jobs, will find themselves in a crunch. According to AAA, drivers can expect gas prices to soar another 10-20 cents through August. It will be the most expensive gas Americans have paid for since 2014. Patrick De Haan, the head of petroleum analysis at GasBuddy, said there is no shortage of gasoline. According to an interactive gas map on AAA’s website, Californians are paying $4.30 a gallon. People in Hawaii are also shelling out north of $4. People in Mississippi and Louisiana are paying the least. Andrew Gross, a AAA spokesperson, said prices will probably level off and possibly decline after Labor Day.

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