Is $5 for a Gallon Gas on the Horizon?
Gas prices are up nine percent over this time last year and look to be well on their way to breaking $4 per gallon by summer. This means that $5 for a gallon of gas may be on the horizon. There are a number of factors that could see gasoline prices climb even higher, including stock market fluctuations and the shutdown of oil refineries in Iran.
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UPDATED: Jul 15, 2021
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Make no mistake – we’re gear heads and love all things automotive. And since we love cars, we’re big fans of being able to get the biggest bang for our buck when it comes to our vehicles. That’s one of the reasons we encourage buyers to consider the hidden factors in buying a car.
After all, once you factor out the price we pay for our cars, and the cost of our car insurance policy, the biggest expense most of us have is keeping fuel in the tank. Some areas have seen a substantial rise in hybrid or fully electric cars. Some even run on natural gas. The majority of the cars on the road still require traditional gas, though, which means serious costs for many drivers.
The cost of gasoline hits our bottom line, no doubt. And over the last year, we’ve been paying more for gasoline each time we fill up at the pumps. Even as cars sold in the United States are hitting their highest average fuel economy, gas prices are up 9 percent over this time last year and look to be well on their way to breaking $4 per gallon by summer. According to motorist group AAA, the current national average price of $3.56 a gallon for quality fuel marks the 13th consecutive weekly increase. If you look at premium gas prices or prices for gas with no ethanol, the price is even higher.
There are a number of factors that could see gasoline reach even higher prices, with some pundits calling for $5 a gallon in the same period of time.
Gas prices are extremely volatile, pun intended. Sabre-rattling by Iran, the rebounding stock market, and even the shutdown of a single refinery are all capable of raising the price consumers pay at the pump.
How much is too much for gas?
Will $4 a gallon gasoline make you change the ways you drive? How about $5 a gallon gasoline? At what point will the cost of gasoline have you choosing to carpool or use public transportation? Or force you to change other budgeted items in order to keep driving?
How high do you think gasoline will get this summer? Will we still have prices in the $3.50 range, or will we be paying a dollar or more extra when the summer rush begins?
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Where Can You Find Relief with Low Insurance Rates?
Are price as the gas pump stressing your budget? You’re not alone. Many Americans are readjusting their budget to get to work, school, etc. with higher gas prices. It’s more important now to make sure you’re getting the best prices on your auto insurance. You shouldn’t cut necessary coverage as you’ll end up losing a lot more if you’re in an accident.
When you enter your zip code in our quote calculator, we can generate multiple quotes from service providers in your area. You can adjust your coverage to see what kind of difference it makes. Most importantly, you’ll be comparing apples to apples. We’ll show you quotes side by side so you can see who really offers the lowest prices.