Without shortages gasoline price soars by 7 cents a gallon since last week

The average price for a gallon of gasoline is around $3.75. (Photo by Joe Resnek)

By Josh Resnek

In the old world we used to live in, the price for gasoline rested almost entirely on supply and demand.

If supply was short, and demand high, the price rose.

And vice-versa if the reverse scenario existed.

In the new world order, the price of gasoline is rising because, according to experts, “speculation about a booming economy could cause supplies to tighten up in the months to come.”

How’s that for reasoning as we experience some of the highest gasoline prices in months – with no end in sight.

Without shortages, with ample supplies nearly everywhere even during August, which is a heavy travel month, prices have been scaling upward.

In August, 2022, a gallon of gasoline neared the $4.00 range in Massachusetts but evened out at the end of the year to $3.40.

Compare this to 2019, when a gallon o gasoline was $2.49. or to 2020 when a gallon of gasoline cost $2.64 or in 2021 when it dropped to $2.38.

Bottom line, gasoline prices are all about speculation and not about supply.

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