What’s Up With Gas Prices?

At the beginning of the war with Ukraine and Russia, gas prices were at an all-time high. Recently, gas prices have been decreasing slowly, but why?

In South Carolina, the highest price for unleaded regular gas was $4.60 per gallon. As of September 7th, the price has dropped to $3.38 a gallon–a difference of $1.22.

Alex Fowler, a senior at GMC, stated that she didn’t even notice that the prices were decreasing: “The world is always changing and I can never keep up with things”.

One potential reason for changes in gas prices is the decreasing demand for gas. The higher prices have caused people to travel and purchase less gas.

Another cause for decreasing gas prices is the suspended gas tax in some states such as Georgia, New York, Connecticut, and Maryland. With gas taxes being suspended, consumers do not have to pay as much per gallon.

President Joe Biden’s recent decision to release oil from the emergency reserves has also contributed to the decline. As a result, customers will have to pay less for gas.

Even with gas prices decreasing, there is not a large enough change for consumers to notice. However, if the cost continues to lower, there may be more of a difference for buyers.