The pain at the pump is real across the United States of America. In fact, families and individuals are paying record-high prices on gas and dealing with the impact on their overall budget. And for those looking for positive news on the horizon, the outlook has been bleak.
It seems every couple of days a new record is reached. Firstly, the national average for unleaded gasoline is currently around $4.62 per gallon. Next, some analysts are predicting it will reach $5 by the Forth of July holiday weekend. So, it makes sense that some are asking, “When will these price increases stop?”
Expert Analysis on gas prices, frequency of increases, impacts and trends from ISEG
KSN, the NBC affiliate station serving most of Kansas, needed an economics expert who could explain the situation. As a result, they turned to the experts at the Institute for the Study of Economic Growth (ISEG). On May 31, 2022, KSN News reporter Zach Martin interviewed Dr. Ted Bolema, Executive Director of ISEG, on air for a KNS TV News report. Subsequently, Dr. Bolema help their audience understand the unique complexities contributing to the current gas price situation and forecasting when consumers might see relief at the pump.
KSN’s report focused mainly on record-high gas prices and continued increases. Dr. Bolema explained how even electronic vehicles won’t help eliminate raising costs on fuel due to the use of natural gas to generate electricity. With the war in Ukraine and other factors impacting the natural gas market, there is still an effect and consumers are not immune to paying more. He also explained to Martin the global nature of the problem, noting countries like Denmark and Norway have gas prices listed at over $10 a gallon.
Kansas will probably be one of the last states, again, to cross the $5 threshold, but I think it’s coming. Hopefully, we don’t get to $6.
Watch When will the gas price increases slow down?
Watch Dr. Bolema’s entire appearance from May 31 below or at KSN News.