You probably feel it every time you fill up – gas prices are dramatically higher than they were this time last year. NBC 6’s Alina Machado has what’s driving the higher prices – and how soon we could see relief.
Gas prices have soared by more than a dollar per gallon since this time last year, leaving many South Florida drivers outraged.
“The prices have gone up so much,” Miami-Dade driver Valentina Caballero told NBC 6 at a local gas station. “I can’t pay. I have to pay $60 for this and it was before like $40.”
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The main explanation for the hike in gas prices is the global oil crisis according to FIU Economics Professor Hakan Yilmazkuday. He also points out that we are experiencing a higher global demand for energy coupled with a production problem.
“These companies are having a tough time finding workers,” Yilmazkuday said.
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Additionally, with the increase in demand that typically occurs over the holidays, it could be well into next year before we see relief at the pump.
“If you are filling your tank every week, maybe twice a week, it means that you are spending about maybe $300, $400 a month,” Yilmazkuday said. “If your income is about $2,000, that is a big portion of your income.”
For that reason, drivers may want to consider looking online for the best prices. There are several apps like Gas Buddy and Gas Guru that can help you check on gas prices using your cell phone.
