Gas Prices Spell Trouble for Consumers
There are many reasons why the price of oil went up and then went down a little. The figure below plots miles driven in America. While there was some drop off during the pandemic, miles driven has resumed its upward trend, as if the disruption never happened. This illustrates that there is very high demand for gas right now. If you layer in less supply from Russia, it seems prices will not fall much any time soon.
Interested in real economic insights? Want to stay ahead of the competition? Every Wednesday, e21 delivers a short email that includes e21 exclusive commentary and the latest market news and updates from around the Web. Sign up for the e21 Weekly eBrief.
Photo by wingedwolf/iStock