As OPEC scales production, consumers pay the price
CAPE GIRARDEAU, Mo. (KBSI) Since the national average of gas prices continue to spike, a high demand and reduced supply is causing prices at the pump ratchet up the financial food chain.
In the past year, per gallon prices have increased from $2.94 to a Missouri average of $3.46, as of Friday evening.
As a result, more consumers are turning their heads — and financial portfolios — toward fuel-efficient vehicles.
Wes Adelman of John Morlan Chrysler says he can see change in the market as a result.
“I do see more and more people asking about fuel-efficient vehicles when they come in; everyday they’re wondering what kind of mileage they get. And it’s natural for that to happen. And as prices go up, people are going to be conscience about that,” said Adelman.
Many consumers are fed up chocking out their hard-earned pay on oil and fuel, illuminating the need for electric and fuel-efficient vehicles.
“These other vehicles are coming in, they’re going to get much better mileage — hybrids [and] electric vehicles,” said Adelman.
With cold weather on the horizon, gas prices tend to fall due drivers’ inactivity on the road.
Tighter supplies, a staggering demand, and OPEC plus’ announcement to scale back output two million barrels per day, are just a few of the contributing factors to the increase at the pumps.
AAA representatives said earlier this week to expect the higher fuel costs for the remainder of the year and into 2023.