Another Dime Here, Another Dime There In The Gas Tank

Here we go. Again.

Gas prices up another dime in the past week. And it doesn’t look like that trend will be reversing any time soon.

Last week, prior to Russian invading The Ukraine speculation was that gas prices would rise if they did invade. They did, and they did.

Maine average price for a gallon yesterday was at $3.60. That is also the average price across the country, when you check average prices that finds California usually at the highest price, and Texas often at the lowest. And Maine mostly around the middle of the pack.

The last time the price of a barrel of oil was at where it was late last week was 2014. Just over $100 a barrel.  What happens if or when it goes to, say $150 a barrel.

The oil companies are making record profits and nobody is predicting that they will keep prices down and take the financial hit.

And again, with Russia supplying 10% of The USA’s oil, and that now part of the sanctions program implemented by the US and by NATO and many other countries around the world means that importing from them is now off the table, it doesn’t look like it will get any better before it gets much worse.

Some are predicting it won’t just be California that has gas prices at over $5 a gallon, it will be the entire country.

Filling the gas tank is never fun. But it is getting to be a serious downer and it doesn’t sound like any experts are believing it will be short-lived.