The shock wave caused by the Russian invasion of Ukraine has significantly impacted gasoline prices in the Philadelphia area.
The average of 4.30 dollars per gallon reached last week shows that the rise caused by the destabilization of world energy markets is a worrying trend.
Russia is currently the world’s third largest producer of oil. When oil supply is limited, the cost per barrel skyrockets, causing US consumers to see increased prices at the pump.
The average price of gasoline in the five boroughs of the Philadelphia area hit $4.22 a gallon, breaking the old record of $4.15 set on June 20, 2008, AAA said.
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Josh Myers, co-owner of Rutter’s, a business in New Freedom, York County, told ydr.com that rising gas prices are never a good thing. “It only increases the price for everyone.”
The unpredictable scenario created by the war in Eastern Europe makes it unlikely that the upward trend will slow down in the short term as crude oil prices are driven by speculation about greater volatility.
“We have never been in this situation, with this level of uncertainty,” Patrick De Haan, head of oil analysis at GasBuddy, said in a statement.
The trend will continue
Even if the tensions caused by the Russian invasion cease, Pennsylvanians should not expect gas prices to return to 2021 levels automatically. Historically, gas prices tend to rise in the spring and peak during the summer months.
According to the Philadelphia Inquirer, with prolonged high prices, consumers could cut back on some trips and invest in more fuel-efficient vehicles or homes. Rising energy prices could also cause the economy to cool down, reducing energy consumption and demand.
What to do?
In the meantime, AAA has released a series of gas-saving tips, such as regular vehicle maintenance, proper tire inflation, conscious driving, consolidating trips and reducing drag by removing unnecessary heavy objects.
Similarly, Andrea Woroch, a consumer savings expert, has these tips:
- Track gasoline prices. Apps like GasBuddy, Gas Guru and AAA TripTik can track the cheapest price per gallon between gas stations.
- Pay in cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions.
- Drive strategically. Practice carpooling to and from work and school. Shared rides can be found on sites like ZimRide, RideJoy, or eRideShare.com.
- Place orders online. Look for free delivery to reduce the cost of buying groceries, takeout and other daily essentials.
- Sign up for loyalty programs. Many of the major gas station chains can help offset the price at the pump.
Translated by: Cesar Heredia
Noticias Newswire
