It is being referred to as “price whiplash” – spikes in gasoline prices of 20 cents or more have become the norm in the last few years. According to one report, 2013 has seen gas prices swing drastically upwards in a single day at least 63 times. These swings of more than 20 cents in a single day are hurting our economy.
Our nation has just 26 days’ worth of gas in storage and if something goes wrong at one of the 143 refineries (half as many as we had in the 80s), consumers feel it at the pump. Supplies drop drastically, and the price per gallon increases significantly. Analysts note that once a major upgrade is finished at the Whiting Refinery in Indiana, gasoline output will increase and gas prices should even out a bit.
Americans have been living with ever-changing gas prices and a struggling economy since 2008, and higher fuel costs affect just about everything else we purchase. Hopefully, once gas prices level off, the housing market will regain value and the grocery prices will find a constant as well.