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Rising Gas Prices

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Rising gas prices are a common concern among motorists.

They affect every aspect of our lives.

gas_pump_blueAny time prices of other goods rise, such as food or clothing, consumers can cut back a bit to stay within budget by purchasing less expensive items or doing without an extra sweater.

When it comes to gasoline, though, we typically need to buy the same amount of gas each week for our basic needs, like commuting to work, taking kids to school, or running vital errands. So when you have to pay more at the pump, you very well might want to ask, why are gas prices rising?

It’s important to realize that gas station employees have very little to do with the price of the gas they sell, as market forces and other conditions play a much larger role.

Political Upheaval

Rising gas prices can often be attributed to political upheaval. When there are rumors of war in oil-producing nations, for example, markets get nervous and the prices can start skyrocketing.

You may read news accounts of an upcoming election or protests in a Middle Eastern country, and then start to see that you are paying a bit more at the pump the next week. When things calm down in the affected region, you may eventually see prices settle down to a lower level.

Refinery Problems

As with any industrial process, managers must deal with equipment failures as well as accommodate regular maintenance. When a refinery has to shut down broken equipment to do repairs, its production levels will fall.

Any time there is a decrease in supply and demand is the same or increases, you can expect to see a higher gasoline price at your local station. Riggins works hard to understand what’s happening in our industry with our suppliers and refineries to head problems off at the start. Our flexible fleet of fuel trucks gives us a strong head start on getting gas to the pump economically and efficiently.

Increased Demand

It’s common to see gasoline price increases during certain times of the year when more people are driving. For example, more people may hit the road during the summer when they have time off from work and their kids are out of school.

During holidays, such as Thanksgiving or Christmas, you will see increased demand for gasoline because more people are traveling. Accordingly, the price of gas will have to rise because supply is limited. Riggins’ Smart Purchasing approach helps us prepare, and create a reliable supply that helps us keep prices down at the pump.

It’s natural to ask why are gas prices rising? Knowing that political events, refinery issues, and a boost in consumer demand can all play a roll in an increase in the price of gas will give you perspective the next time you pull into a gas station to fill up your tank. With Riggins you’ll know we’re always striving to keep gas prices down.