Gas prices are creeping higher.Nick Buonauro knows that as he pumps gas into his car.It seems to be something he is taking in stride. “Gas prices always change. It doesn’t really affect me. I have to get where I am going. You have to have gas to get there.”While Buonauro is hoping what goes up will come down an Iowa State University economist expects prices to continue to rise most of 2021.Dave Swenson says gas prices were lower than normal due to more supply than demand during the pandemic. “They’ve climbed back up recently and they’ve climbed back up relatively rapidly. To here they are now close to what they were prior to the pandemic.”Swenson tells KCCI during the pandemic the price of oil was in a free fall and refineries were closing.He believes demand is catching up to supply and we will continue to see prices rise through 2021.Swenson says with electric cars, people working from home and younger people driving less, we will not see driving levels reach pre-pandemic.He says some investors are predicting gas prices to increase another 20%.According to Swenson, the Energy Information Agency does not anticipate prices going up that much.Regardless, prices are on the rise and will continue to rise the rest of the year.
Gas prices are creeping higher.
Nick Buonauro knows that as he pumps gas into his car.
It seems to be something he is taking in stride.
“Gas prices always change. It doesn’t really affect me. I have to get where I am going. You have to have gas to get there.”
While Buonauro is hoping what goes up will come down an Iowa State University economist expects prices to continue to rise most of 2021.
Dave Swenson says gas prices were lower than normal due to more supply than demand during the pandemic.
“They’ve climbed back up recently and they’ve climbed back up relatively rapidly. To here they are now close to what they were prior to the pandemic.”
Swenson tells KCCI during the pandemic the price of oil was in a free fall and refineries were closing.
He believes demand is catching up to supply and we will continue to see prices rise through 2021.
Swenson says with electric cars, people working from home and younger people driving less, we will not see driving levels reach pre-pandemic.
He says some investors are predicting gas prices to increase another 20%.
According to Swenson, the Energy Information Agency does not anticipate prices going up that much.
Regardless, prices are on the rise and will continue to rise the rest of the year.
Read More: Gas prices on the rise, an economist tells KCCI why and if they will be