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“Gasoline prices and diesel prices are going to be very high through the summer, potentially higher than they are today,” says Bloomberg’s Javier Blas.
Still, many people told Gallup that they believe higher gas prices are temporary.
The war in Ukraine is forcing the U.S. to reconsider its dependence on oil.
They helped push up retail sales in March, but they’re already coming back down.
It’ll take more than political policy to lower prices.
Levies average 37 cents a gallon nationwide. Three states have made the move and more may join them, but it might not provide enough relief.
A survey found more than half of drivers have either reduced their hours or quit in response to rising fuel costs.
A barrel of crude topped $130 last week and now sells for less than $100. Gas prices follow oil quickly on the way up, slowly on the way down.
Analysts expect drivers to switch sooner or later. But pump prices alone won’t drive them to.
There are several reasons. For one, the state is highly dependent on foreign crude oil.
