Don’t Get Used to These Lower Gas Prices; They’re Going Back Up

Car owners were recently warned that recent low gas prices won’t last, and may be about to rise dramatically.

This is because lower fuel demand at this time of year often drives the price down at the pump, but such downward trends do not last. In fact, oil price hikes have already been reported. A height that will soon be transferred to the pumps.

Companies should be aware of rising fuel prices

Small business owners who rely on fuel may be able to stockpile when prices are low, or at least plan their budgets with higher gas prices in mind. For example, gas prices in Florida have fallen another penny recently, with some pumps offering even better discounts. With the state average rate hovering around $3.20 per gallon, 7% of Florida gas stations were offering pump prices under $3 per gallon.

However, this will be a short-lived period of lower prices, so companies should budget accordingly.

The “upward pressure” in the pumps will return soon

Mark Jenkins, a spokesperson for AAA – Auto Club Group, said: “January gas prices are often lower due to lower fuel demand. Unfortunately, this downward trend at the pump may end soon. Oil prices rose last week and that could bring back upward pressure. In prices at the pump.”

The Auto Club Group also suggested ways people could save money on petrol, and suggested drivers combine errands to reduce driving time. You should also shed extra pounds in your car and shop for the best fuel prices in your community.

Another tip the group suggested about gasoline that saves money is to pay with cash because some retailers charge more per gallon when a customer pays with a credit card. Also try to drive conservatively because extreme acceleration and speed reduce your car’s fuel economy. Another good idea is to make sure your vehicle is in good shape and maintained properly, as a revised engine, new air filter, and proper tire inflation can improve your vehicle’s fuel economy.

Global fuel supply issues

With the price of West Texas Intermediate (US) crude oil rising 5% recently, the focus has been on global fuel supply issues causing prices to rise. One of the biggest issues concerns the unrest in Kazakhstan. The Central Asian country is the world’s largest exporter of uranium, and among the largest producers of oil and coal. Despite being a resource-rich country, Kazakhstan has experienced a lot of public protests in recent years that have affected the perceived reliability of its contributions to the energy market.

Other issues affecting global fuel supplies include logistical problems in Libya, as well as the country’s unstable political environment which has significantly affected its ability to produce oil.

Photo: Depositphotos

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