The OPEC decided to cut oil production, which caused an increase in gasoline prices around the nation. Unfortunately, if you're wondering, will gas prices keep rising? Experts suggest we might see additional gasoline spikes over the next few months.
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Americans were very happy to see the decline in gasoline prices over the last couple of months. But, unfortunately, it seems like we celebrated too early because gasoline prices are now spiking again!
Understanding what's happening in the gasoline world is extremely important for any gasoline car driver. It helps you understand the reasons behind the current gas price increases and gives you an idea about whether gas prices will keep rising.
This article provides you with only needs to know to help you stay up to date with the current situation in 2022 gas prices.
2022 gas prices
Before we dive into the details about well gas prices keep rising, we must make sure that everybody is aware of the current situation in the 2022 gas prices.
According to experts, last week, the country experienced an increase of $0.05 in gasoline prices on the average nationwide costs. The current average cost per gallon is about $3.83.
Interestingly, this change in gas prices was way before what we think is the reason for the increases in gas prices, Which you will highlight below.
How is OPEC's decision expected to impact 2022 gas prices?
The OPEC is a global collision of oil-producing nations which meet regularly to discuss the current situation in oil production and other relevant information which could impact gas prices.
This coalition cut oil production significantly, although the United States demands more pumping.
Obviously, this cut in oil production will result in a severe drop in the current gasoline supply, and significant demand for more gasoline will mirror that. As a result, the typically expected outcome would be a significant increase in gas prices.
Gasoline prices spikes: background
One might wonder why gasoline prices started spiking this year and by the end of 2021. There are many reasons behind the gasoline prices increase over the last couple of months.
1- Political situation
The political situation around Europe is the first and most important factor that results in increased gasoline prices. We've seen a significant reduction in the amount of imported oil from Europe, impacting the current gasoline prices in the US.
2- COVID-19
The overall situation of COVID-19 also had to do with impacting the current gas prices around the nation. Regionally, people stopped driving their vehicles and started working from home. With that change, the gasoline demand became lower and lower.
However, after scientists discovered the vaccine and with more people vaccinated, people started going to their work and demanding gasoline all of a sudden. After this significant demand, oil companies could not keep up with the required demand, so we started noticing significant increases in gasoline prices.
3- Unplanned maintenance
The US was able to tackle the situation, and we started noticing a significant decline in gasoline prices. Then, however, something happened around some of the major oil suppliers around the nation resulting in another spike in gasoline prices, especially in California.
These suppliers experienced unplanned maintenance resulting in going offline for some time. As a result, the amount of demand became much more than the supply, which translated into a spike in gasoline prices around the nation.
Not all states have the same problem as California because most of California's refineries were impacted by maintenance issues. Although California typically has much higher prices at the pump, this huge difference between the California gas prices and the nation made it extremely stressful for people driving in California.
Will gas prices keep rising?
Unfortunately, the increase in gasoline prices that we experienced last week happened before OPEC decided to cut oil. That being said, we might see some rounds of gasoline price increases after the oil supply reduction.
Experts indicated that the OPEC decision is considered a clear threat to the future of gasoline prices globally!
The coalition plans to cut oil production by two million barrels starting in November.
Automotive experts and other politicians indicated that the currently expected gasoline spikes might impact the overall administration around the US and could turn into other Consequences.
That's why we like to recommend our drivers be on the conservative side. In other words, if you are planning to drive your vehicle, try implementing as many as possible from savings tips to help save on fuel consumption.
We've discussed this in detail in other articles. We highly encourage you to implement some of these tips as much as possible so you can save on fuel and prevent dealing with some financial issues with the current gasoline prices spikes.
What to do if gas prices keep rising?
Unfortunately, the gas price issue is a global problem. In other words, it's not something happening only in your neighborhood that you can avoid and move to another area. Therefore, the best thing you can do is implement as many tips to help you save on fuel as possible.
Let's take a closer look at some of these tips:
1- Consider switching to hybrid or electric
Gas prices are not fixed and the been changing significantly over the last couple of months. So no clear answer is whether these prices will stop increasing or go down soon.
Therefore, it could be a perfect time to evaluate the situation and check whether you need to switch to an electric or hybrid vehicle.
As you might know, these vehicles are designed specifically to save on fuel consumption, and if you go fully electric, you don't even need to worry about fuel.
However, you got to understand that the market also has a significant demand for these vehicles because people are all trying to switch to them. Therefore, you must research and look for the best deal possible to save on fuel.
2- Look for the cheapest gas station
Not all gas stations have the same costs. Even the same gas station in your neighborhood might not have the same price as the other one right down the street. Therefore, before filling your vehicle, consider checking and looking around to see how gas prices differ.
Some areas and states might have lower gasoline prices than others. So, if you're planning to go to certain States and you think it's a great idea to fill gasoline, do that because you never know how much prices will change over the next couple of months.
3- Evaluate your vehicle situation
Did you know that sometimes if your vehicle has a problem, it will consume more fuel than it should? That's why we highly encourage you to evaluate the situation and remove your vehicle and check whether it has any internal problems.
Your mechanic would be the best person to help you understand where you're dealing with a problem or whether your vehicle's fuel consumption is normal.
If you can't identify the potential culprit, you need to go ahead and fix it, so you don't have to worry about gasoline prices in 2022.
How do you survive gas prices?
Yes, there are struggling to deal with gas prices, and we've seen a lot of complaints in the last couple of months that are expected to increase, considering what's going to happen in gas prices.
Automotive experts were able to put together a list of recommendations on how to survive gas prices. Let's look at some of them below:
1- Consider your speed limit
Automotive experts indicated that if you drive five mph extra above 60 miles per hour, you will most likely be paying around $0.15 more. So with that in mind, try staying within the driving limits and avoid going beyond 60 mph if you don't want to waste fuel.
While this might not immediately result in saving fuel, it will show a significant difference down the road.
2- Maintain your car
Following regular maintenance is key when it comes to saving on fuel consumption. Check when your vehicle is due for a tune-up and keep up with oil and other fluid levels.
The more you maintain your car, the more relaxed it'll be and the less stress it will have, which results in consuming a lot of fuel.
3- Do not overload the vehicle
Did you know that overloading your car stresses the engine and therefore consumes more fuel? That's why if you have a lot of stuff in your vehicle trunk, try putting them in your garage unless you need them.
Many of us tend to leave heavy elements in our vehicles and never use them for months. If that's the case, look at the vehicle and see if you can offload some of this stuff and relax your car.
4- Choose your trips
Driving shorter trips can result in consuming a lot of fuel. That's why automotive experts recommend planning your trips and combining them as much as possible. On the other hand, if you don't drive long, your vehicle will experience significant problems and might even cause damage to certain components.
Also, you might want to carpool with some of your family members or friends. You don't necessarily need to start both vehicles in your household if you have two at the same time.
However, you don't want to leave your car sitting for a long time because the more you leave it, the more problems it might have. With these problems, you might end up paying much more than what you'll pay for the extra fuel prices.
That's why we recommend you be mindful about driving versus leaving your vehicle. Also, consider checking your car between now and then because if you don't turn the engine for a long time, rodents and other creatures might get into the vehicle and probably damage the electric system and other components.
5- Adjust your driving habits
Did you know that you were driving habits can be costing you a lot of money? Unfortunately, no one can realize bad driving habits unless someone else comments on your driving.
Therefore, if you feel that gasoline prices will impact your financials, it could be worth having a family member or friend comment on your driving style.
For example, you don't want to overstress the engine and press the gas pedal suddenly. Unfortunately, this causes your vehicle to consume more fuel than you need.
Also, you might want to engage with the cruise control that you've never used for a long time! The cruise control helps you maintain your vehicle at certain speeds and avoid pressing the gas pedal when it's not needed.
Final thoughts
Gasoline prices are rising again! Unfortunately, we've celebrated too early with the lower gas prices a few months ago. What's happening nowadays is another threat to the future of 2022 gas prices.
The nation is experiencing a significant spike in gasoline prices, and not every state has been impacted the same because prices are the Max in California.
One of the many questions that we received from our readers is, will gas prices keep rising? The short answer is probably yes, considering the OPEC decision to cut oil production starting in November.
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