Gas prices on the rise
I graduated college in May 2007, and started writing for CreditCards.com that fall. Shortly after beginning my job, I noticed that gas prices began to surge. Then the mortgage crisis emerged and the bottom of the economy fell out. It was quite an interesting time to be in the personal finance industry!
The cost of oil continued to soar throughout the beginning of the recession, and nearly everyone I knew began cutting back on driving in some way. Here in Texas, where we don’t have good public transportation, nobody wanted to pay $4 a gallon unless they absolutely had to. More than ever, interest sparked in carpooling and using public transportation more frequently.
Much to everyone’s relief, oil prices eventually fell back down and stayed there for a long time. Just a few months ago, I noticed the prices climbing again, though I hoped it was just a fluke. It didn’t alarm me too much until the past few weeks, when I have noticed it getting closer and closer to $3 a gallon here in Austin. Then, yesterday, I filled up at $3 a gallon. The horror! I immediately felt a panic and realized that if it keeps rising, I will need to combine errands, budget more for gas and not drive unnecessarily all over again.
I recently read in The Huffington Post that John Hofmeister, Shell’s former president, predicts that gas prices will continue to increase as oil demands rise, and he thinks Americans may be paying $5 per gallon of gas in 2012. If that’s true, that will put a huge dent in many of our wallets. I think an electric car purchase is in my future. Are you worried about rising gas prices affecting your finances?