By Staff
Are gas prices giving you a headache? If so, you're not alone. Join the thousands and thousands of others in the nation.
With gas prices now averaging $3.51 a gallon nationwide, according to AAA and the Oil Price Information Service, more Americans who have to drive are weighing the need for each and every trip. And the bad news is that gas prices show no sign of going down anytime soon and are predicted to reach $5 by this summer.
Gasoline prices typically rise in the spring as stations switch over to pricier summer-grade fuel and demand picks up as more travelers take to the road, according to AAA.
But this year prices are rising even faster than normal because of the massive jump in benchmark crude prices, which spiked to a record $117.76 a barrel Monday. This came before settling a record settlement price of $117.48 on the New York Mercantile Exchange, up 79 cents from the previous close. It was the sixth day in a row prices set new records, CNN's Web site said Tuesday morning.
So, now you're probably wondering what to do? Well, for many Americans, there are several alternatives. Try taking the city bus or a taxi cab. If your work and home are fairly close to one another, try jumping on your bicycle or even walking. Or, if you prefer to stay in your vehicle, consider selling your gas guzzling truck or SUV and switch to a Hybrid, which will save you more money at the gas station. And hey, carpooling is still cool, no matter what your friends say.
The downside of cutting back on your gas is that gas stations – which also suffer from the high gas prices – end up losing business.
A representative from the Oil Price Information Service in New Jersey said on the CNN Web site that a lot of stations across the country are literally on the brink of bankruptcy.
AAA figures show California has higher prices than anywhere in the country, with regular now selling for an average of $3.86 a gallon.
Diesel prices are rising even higher than gasoline, putting pressure on trucking and other shipping companies that use the fuel to transport goods around the country.
Will we ever see lower gas prices again? From the looks of it, we will be lucky to see $3 again. But with new vehicles that are more gas friendly and people choosing to take alternative routes when getting places, not only will gas stations be the only ones feeling a hit, but oil companies will start to feel the hit as well. Maybe that will spark a decrease in gas prices.