Will Gas Prices Continue To Rise This Summer?
According to several articles I've read online and including one on NPR, the United States is officially in a recession. Double digit unemployment due to the global pandemic was to much even for our booming economy. Even as the stock market continues to rise, there is much uncertainty going forward.
To add insult to injury, gas prices are now on the rise. They've jumped anywhere from 10 cents to 20 cents depending which pump you frequent. Most gas stations in Bismarck Mandan area are now currently sitting at $1.99 a gallon. That's up from $1.89 a week ago.
However as restrictions continue to be eased over coronavirus and states begin to open up, that means people are heading back to work. Which means more driving, and as we head into the Summer vacation season, oil prices globally are rebounding. According to an article on Kiplinger gas prices are headed higher and will continue to do so as driving continues to increase here in the United States. The National price for a gallon of gas continues to hover around $2.03 a gallon. Diesel continues to hang out around $2.41 a gallon and that has been pretty constant. Since, trucking and trains continued to run during the pandemic, while cars were in the driveway over much of America.
So as the price of a barrel of oil continues to rise, (currently around $40 dollars a barrel) and summertime driving increases...You can expect the price at the pump will continue to tick upwards. Typically, the fourth of July holiday gives us some of the most expensive gas of the year. Hopefully, it won't get to crazy this year.