Extremely High Gas Prices to Last to 2023
Gas prices can take a large bite out of household budgets, particularly for low- and middle-income Americans.
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President Biden was asked how long gasoline prices would stay higher. His response, according to Bloomberg, “As long as it takes, so Russia cannot in fact defeat Ukraine and move beyond Ukraine.” Military experts believe that war could go on for years.
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High gas prices are as critical a political opponent as Biden has. With elections in both 2022 and 2024, inflation will be a major issue, if not the determining one. Gas prices have been over $5 per gallon for regular nationwide. Further geopolitical unrest could push this number higher. A recession could reverse the trend, if it is deep enough to substantially curtain demand.
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Gas prices can take a large bite out of household budgets, particularly for Americans with low wages who have to drive any substantial distance. For those who drive several hundred miles each month, the additional cost with higher prices can be well above $100.
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Cars or light trucks that get poor gas mileage can face increases closer to $300. For a family with an after-tax income of under $2,500, this burden is tremendous
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The cost of gasoline undercuts consumer spending in many low- and middle-income households. As the end of the year approaches, this means that the most important period for America’s large retailers faces a difficult problem it cannot solve.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
