Will gas prices ever go down?
The average price of gasoline in many places across the U.S. increased by as much as 50% compared to the National average price of 3.28 in 2021. Millions of travelers in the northern states paying as much as $5 for regular unleaded gasoline.
Roaring gas prices and rising transportation cost have become the rage on social media. Oil prices even making its way into meme culture and giving some humor to the headache as many working Americans admit struggling to keep up despite a glooming recession and linear wages. People are wondering just why are gas prices so high in 2022?
With many factors contributing to the rising gas prices, including the on-going Russia and Ukraine conflict, Economist don’t see any major relief in oil prices soon. Gas prices plummeted greatly during the covid-19 pandemic and demand decreased due to quarantine restrictions.
Small businesses are adjusting prices to reflect transportation cost
As gas prices continue to rise across the country with little sign of turnaround, many small business owners are having to adjust their prices to continue to meet customer demands. Business owners where transportation make up a significant sum of their services are starting to dig a little deeper into their pockets, cutting into much needed profits that are vital to day-to-day operation.
Mike Williams, co-founder of Supreme Nature Property Management, a Property Management and landscaping company in Pennsylvania says in the landscaping business, factoring gas prices into their service cost is key to staying in business. “Most of the tools for our business are gas operated. We strive to provide quality and affordable services to our customers. To keep our business in operation we had to factor in the rising gas prices and how we could effectively manage our spending to keep getting back and forth to the work sites and power our equipment.”
In January 2022, the IRS increased the mileage rates in the wake of elevating gas prices to 62.5 cents per mile. This represented a 2.5 cent increase from the previous year. This change would go into effect starting July 1, 2022.
To inquire about Property Management, Landscaping Services or Consultation for Commercial and Residential properties in Pennsylvania, contact:
Supreme Nature Property Management LLC.
Philadelphia, PA 19103
See: Why US gas prices are at a record and why they’ll stay high for a long time – CNN