GAS prices across the US will continue to soar as manufacturers make a switch to their supplies.
The huge hike in prices will hit drivers’ wallets immediately and may stay high, due to intense global pressures on supply chains.
In recent months, gas prices have hit their lowest levels since 2021.
In 28 of the 50 US states, prices were below $3 just two weeks ago.
But they are now increasing across the country.
Some of this is driven by a switch to what is known as a summer-blend of gasoline.
According to NerdWallet, this more expensive blend is introduced to forecourts across the country from May 1 until September 15.
By having a lower Reid Vapor Pressure (RVP), the gasoline evaporates less easily which prevents it contributing to smog and ground-level ozone – both of which are more prevalent in the summer.
This switch causes prices to rise as it is more costly to produce, but prices then revert back when the winter-blend comes back in.
However, drivers will likely see continued high prices at gas stations due to current geopolitical events.
Much of this is related to the conflict between Israel and Iran, as the latter is one of the world’s oil giants.
The market is already responding to fears that Iran, which controls the Strait of Hormuz, an essential oil corridor, will block it off in retaliation sending prices skyrocketing to $120 or $130 a barrel.
But for now, despite gradual price rises, the average cost is $3.207 per gallon which is less than this time last year when it was $3.503.
Meanwhile, one driver has shared her “slow-pumping” gas trick that fills her tank for just $30 though some people are sceptical.
Sharing the so-called hack on TikTok, the driver claimed that using the slow setting at the pump takes air bubbles out of the line.
“Mine added an extra 100 miles when I did it!!” one TikTok user replied.
But not everyone was convinced, with one viewer saying, “I work for a fuel company. Trust me. It doesn’t work like that but if it makes you feel better sure!”
In other money-saving news, America’s biggest car insurance company has revealed the six ways to cut down your bill.
State Farm has provided necessary advice for first time car insurance buyers – including what to know regarding policy terms, coverage and potential discounts.
It comes as motorists nationwide are facing rising car insurance costs.
The war in Ukraine and the conflict between Iran-Israel are causing prices to rocket[/caption]
