In this week’s Show Me the Money we are talking about gas prices which are the highest right now they’ve been all year.
The Fourth of July holiday weekend has been the busiest since before the pandemic.
43 million Americans hit the road. Now, the national average for a gallon of gas is up to $3.13.
In Pennsylvania, prices are up to $3.20! Some gas stations are reportedly running out, but not because of a shortage of gas.
“While the fuel is there, there may not be enough tanker truck drivers to deliver it as fast as Americans are filling up. The good news is there is plenty of fuel flowing. It’s just a matter of time before stations that have lost supply of gasoline have another delivery made.”
AAA says more families are traveling by car this year — than there were in 2019 – before the pandemic even started.
If you’re taking a trip this summer, there’s still no end in sight for those rental car prices.
In some places, prices are up by 300%. The average price in Hawaii and Alaska soaring to as high as $4.36 per day.
“It just proves that the road is back and stronger than ever and we expect that trend to continue through the end of the summer despite higher gas prices people just want to travel and they’re doing it.”
As for how long the gas price spike will last, we tend to see prices go up over the summer because that’s when people hit the road the most.
But the biggest thing to watch is the weather. If there’s a major hurricane in Texas or Louisiana, that could send prices even higher.
Gas prices tend to drop again in the fall.