After A Historic Plunge, Gas Prices Are On The Rise
It was nice while it lasted, wasn't it? One of the nice things that we could enjoy during these tough economic times was the low price of gasoline. Demand worldwide plummeted due to the coronavirus pandemic. Then there was an oil war between Saudi Arabia and Russia that drove crude prices into the basement. It meant low gas prices for consumers. But as summer approaches, prices are on the rise.
Now just to be clear, gas prices always rise as we head towards the summer months. That is when demand is at its highest so it only makes sense. The problem is that it takes weeks for gas prices to plunge down as low as they did, but only days for them to rebound. How is that fair? I wrote late last month that I thought we just might see widespread .99 gas prices. While some of you may have found a few stations that dipped that low, it never transpired. According to GassBuddy.com, the average price in Iowa is up to $1.58 per gallon. That's up from $1.46 last week. Prices locally in Cedar Rapids have risen between 7 and 10 cents since last week.
While the rise in prices is no fun to watch, we really don't have a lot of room to complain. CBS2 reports that back in 2011, gas prices were approaching $4 a gallon! Stop complaining about $1.50!