Due to several causes, cost and taxes on crude oil gas prices within the U.S. are on the rise, which has led to distrust and financial difficulties throughout the consumer public. Tensions are rising as the public voices their frustration with the high prices, and the issues they bring with them. This is a foundational reason as to why the U.S. should turn its focus towards working to be attentive to its general public.
Throughout recent history a common phenomenon during times with high prices is the decrease in monthly spending throughout households. People simply can’t afford the normal commodities they usually invest in with a high chunk of monthly income. Groceries, services, and even subscriptions are hard to keep up with. So naturally people are annoyed with the situation. One individual who has concerns about this issue is Jonah Freshley, a junior at Sylvan Hills high school.
“I have lost a huge amount of my monthly income, around 45%, because of the
rising prices,” Freshly said. “I’m struggling to keep up and am having to make constant efforts to avoid driving a ton.”
This invokes a sense of reality revolving around the struggle placed on student drivers. Another junior at Sylvan Hills, Brady evatt stated, “I haven’t filled up my tank in two weeks due to the lack of funds to meet the prices, and before I get gas I ask around and look online for the cheapest locations.”
This further shows the lengths students are going to in order to just fill up their gas tank.
Lastly I spoke to a local, Mrs. Amanda Dunn, she is a resident here in Sherwood and makes a daily drive to West Little Rock for work, which has brought some high cost. Mrs. Dunn expressed the details of her car specifying, “My tank holds 15 gallons, and averages around $50 to completely fill, lasting around 400 miles. I also like to accelerate slowly and stay at a more constant speed to lessen how much gas I use.”
This last statement highlights how many people in the community practice techniques and methods to save gas in order to avoid that tough purchase.
The retail price of gas depends on four factors: the cost of crude oil, refining costs and profits,
distribution and marketing costs and profits, and taxes, according to the U.S. Energy Information Administration (EIA). This is something that the public simply does not have a choice over, so American citizens are struggling to keep up with the changes.
The recent spike in gasoline prices is on pace to cost American drivers an additional $9.4 billion per month, according to a new analysis released by the Institute on Taxation and Economic Policy (ITEP).
Driven by the ongoing Iran war, which has sent prices soaring by about a dollar per gallon in a single month, the financial strain is being felt most acutely in the South. The public has been divided and constantly strained by new obstacles and financial burdens for this reason causing high tension. ITEP’s approach to measuring the impact of gasoline price increases begins with AAA’s data on the average price of regular gasoline, by state, and compares it to AAA’s reported average price from one month prior. Every state has seen a significant increase in the average price of gas over this period, ranging from a low of 75 cents per gallon in Minnesota to a high of $1.31 per gallon in Arizona.
In order to work around the issue brought on them, Americans fall on public transportation, bikes, and walking. For some who simply can’t afford 30 to 40 bucks in the tank weekly this is the only way for them to get from place to place. Some move to electric cars in order to combat the prices for a tank of gasoline. All and all gas prices have a huge negative effect on the personal lives of American consumers, leading to a push for new solutions.
