There are few ongoing issues that captivate our industry as much as the troubled state of fuel in 2022, and for good reason, as both trucking and transportation simply rely on fuel to keep us moving. While there’s no doubt that fuel has reached shockingly high prices, recent developments suggest that relief may be on its way. In today’s blog, we’ll be giving you an update on the current state of gas. To learn more information, keep reading below!
With the price of fuel becoming problematically high, naturally, many have looked for answers as to why this is the case. Many experts point to the ripple effect caused by the COVID-19 pandemic, which greatly confounded the relationship between supply and demand for fuel consumption. Since then, other contributing factors like inflation and the Russian-Ukranian conflict have made for increasingly worse circumstances.
June – Unprecedented Highs
Just last month, Americans were met with the direst fuel prices in modern history. On June 14th, the price of gas reached an all-time high of $5.02, both a stunning and troubling statistic for drivers across the nation (CNET). For a moment, it seemed as if gas prices were going to remain at this excruciatingly price point with little to no relief in sight. Fortunately, in the short period of time since June, improvements have been taking place – slowly but surely.
July And Beyond
On July 20th, the average price of a gallon of gas was tallied to be $4.47 (CNET), a significant improvement from July. Promisingly, according to White House energy advisor Amos Hochstein, this number is destined to improve further, and could move toward $4 in the coming months (CNET). Though it’s unfeasible to know what the price of gas will exactly be in the forseeable future, this at least makes for a great start.
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