when will gas prices go down gas prices
are rising daily and hitting record
numbers at the pump and this is causing
financial hardship for millions of
drivers now many people are asking why
fuel is so expensive and who's to blame
and consumers want to know when they
might see some relief and lower prices
at the pump
now soaring gas prices are having a very
real impact on household budgets a
typical family who has one or two cars
has an additional two thousand dollars
per year expense on them simply due to
the higher costs according to one wall
street estimate on march 11th gas prices
reached a new peak 4.24 cents for
regular 4.90 for premium and 5.09 for
diesel and that's according to the gas
buddy app and gas prices have been
rising for more than a year and this is
far from over drivers did see some
relief of a few pennies per gallon when
gas reserves were dumped onto the market
now this is supposed to be saved for
emergencies and sadly the release was
only good for two days of what we use on
a daily basis and then prices increased
and they continued to do so so when will
gas prices ever go down
welcome back to car coach reports i'm
lauren fix if this is your first time
here we give you more than car reviews
and first looks of new vehicles we give
you car smarts because knowledge is
power don't forget to subscribe and
click that little bell for notifications
so you don't miss anything some states
have talked about relieving their gas
tax and only two states have done so to
give you an idea the state of california
has the highest gas prices because they
also have the highest gas taxes of over
50 cents per gallon now families are
budgeting for higher gas costs and
cutting their spending in other areas
and some americans aren't driving as
much due to the higher prices now one in
three adults say that they're reducing
their car usage in the last month
mostly because of the higher gas prices
now as a reminder
gas prices were a dollar ninety four
gallon in april of 2020. this huge price
increase that we've been seeing affects
every driver every ride share
transportation of goods food and
literally everything we do and buy u.s
producers say they are boosting
production but warn that supply could
take a while to trickle down through the
market and move the prices down at the
pump the u.s imports less than 10
percent of its oil and gas from russia
so why are prices rising so much in the
u.s if the nation doesn't depend on
russia for fuel well the surge in gas
prices is due to a larger global oil
market and president joe biden's
policies for higher gas prices were made
on day one with the administration's
decision to cancel the keystone pipeline
which was about 50 percent complete and
the executive order to pause oil and gas
drilling on federal land on january of
2021. now a federal judge in louisiana
has blocked that order in june however
we haven't returned to the energy
independence and security we once had
experts say the u.s is producing more
oil now than it was in 2020. oil and gas
drilling has increased but companies in
the u.s are constrained by tight
supplies of rigs trucks and labor in
order to supply more oil now the
government's emphasis on shifting away
from fossil fuels toward electric
vehicles may add uncertainty for oil and
gas producers which could give them
concern in boosting their production so
when will gas prices go down expect gas
prices to remain high over the next few
months overall inflation will likely get
worse in march and april sorry for the
bad news and the barrage of rising costs
is taking a toll on consumers across the
board inflation could start easing later
in the year but is likely to remain high
and many experts have forecasted that
the inflation rate will dip to 5.5 by
september and there are many variables
in play that could change that rate but
i'm going to assume rates are going to
stay high if oil prices remain below 100
per barrel for a while drivers may
eventually see some relief at the pump
with prices falling below four dollars a
gallon sadly gas prices fall twice as
slowly as they rise after a major change
in oil prices this means if it took four
weeks for gas prices to rise on a 25
cent per gallon increase
it would take eight weeks to fall that
25
once oil prices return to the starting
level now some people are claiming it's
price fixing well
that's not true there are over 14 000
gas station outlets in the country with
no single company controlling more than
five percent of the market so collusion
between owners to keep prices high is
unlikely true hence owners wait until
they see the trends in oil prices and
the cost that it takes for them to
refill those tanks and gasoline
typically gives a minimal profit to
those retailers they make more money
when you go inside and buy things in
their stores for now you can find the
cheapest gas prices through the gas
buddy app or club discounts maintain
your car and forget the drive through
and get the most for your money if you
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one if you have any additional questions
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at laurenfix also check out our website
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behind the scenes and see what makes the
auto industry tick thank you so much for
watching and we'll look forward to
seeing you next time