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Rising Gas Prices as an Economic Problem and Ways to Solve It: Essay
The average price of gas has been constantly inflating our economy. Of many countries, the US is one of the few places where a household commonly owns more than one automobile. Due to the current conflict between Russia and Ukraine, gas prices have skyrocketed. Russia ended up pulling the plug on the gas and oil supply. Tesla, an electric car manufacturer, has been a market leader with long-term benefits due to the zero need for gas. This leaves V8s and heavy trucks in the dust when it comes to the cost of gas. Gas prices have reached an all-time high, it’s an unbearable condition that can be resolved by eco-friendly vehicles, a cheaper oil supplier, and public transportation.
Electric and hybrid cars are eco-friendly and good for the environment, and may also be a solution to the crisis. According to the Department of Energy, “Electric and hybrid vehicles can have significant emission benefits over conventional vehicles. All-electric vehicles produce zero tailpipe emissions…”. On a bigger topic of global warming, encouraging more people to convert to eco-friendly vehicles may result in healthier ozone due to the decrease of emissions that have resulted in damaging effects. According to Electek, an electric vehicle enthusiast informant, “Driving an electric vehicle is dramatically cheaper per mile than driving a gas-powered vehicle. Nationally, electric vehicles are three to five times cheaper to drive per mile than gas-powered vehicles”. It is cheaper and more cost-effective for both the consumer and producer, which does not only solve problems with the price of gas but includes the salvation of the ripping gap in our economy from this problem. Consumer Report suggests, “Most companies like BMW, Honda, Nissan, Mazda, and Ford with its upcoming electric Ford F-150 truck, are sprinkling in electric and hybrid options alongside their usual gas vehicle lineups, but others are attempting to go full Tesla and convert long time internal combustion engine factories to EV production only”. The electric vehicle change has already settled in the automobile industry and is taking over a lot of companies, some even fully converting their whole manufacturing process to electric.
To add to that, the US must find a cheaper oil supply chain around the world in order to keep up with the demand for gas. There is limited intel on the foreign relationships the US has with other countries when it comes to gas. However, “…for gas to be substantially cheaper over the long term, according to analysts, the world will need to drill more oil — or rely on it less” (Ivanova, CBS). The current situation is a clear sign that the US needs to tap into its Federal Reserve funds in order to afford the oil from other countries. Then, the people turn to the president and question his response to all this. “In late March, Biden announced he was releasing a million barrels of oil a day from the US Strategic Petroleum Reserve over the next six months. According to the White House, the unprecedented withdrawal could lower gasoline prices between 10 to 35 cents a gallon” (Avery, CNET). Biden has thought of some plans to save the US economy from gas scarcity. Although, the way the economy works suggests that it will only increase the demand, but it will not help the cost of living in the long run. Additionally, the White House continues to pressure US oil companies to increase drilling and production. The government definitely feels on edge and wants to acknowledge the needs of people and the gas prices in our economy, but has clear trouble doing so while following a timed process.
Despite stigmas, public transportation has been the most reliable and updated service in the United States that serves as a solution. “Every vehicle on the road releases an average of one pound of CO2 per mile driven. Compared with driving alone, taking public transportation reduces CO2 emissions by 45%, decreasing pollutants in the atmosphere and improving air quality” (Pei, UCLA). Taking public transportation or carpooling has significantly increased the quality of the world around us, and has also saved money and gas usage. The good times with friends on the car ride don’t only end there but improve the air quality when you step out of the vehicle. “Public transportation can convey many more people in much less space than individual automobiles, which helps to keep traffic congestion lower, which in turn reduces air pollution from idling vehicles, and helps riders avoid the stress that comes from daily driving in highly congested areas” (National Express Transit). Besides its environmental benefits, public transportation also avoids population pollution, especially in cities like New York City where transportation is so heavily required. There are transits underground because the city is not big enough to build it overhead. Additionally, a study claims that Americans living in areas with public transportation save 850 million hours of travel time each year. Overall, taking public transportation can save you money in the US as opposed to buying a vehicle. Besides maintenance and gas money, it can give a lot more freedom and time while on the trip itself, allowing for more routine in one’s life if needed.
Of course, there are car collectors and traditional car enthusiasts that may enjoy an 80’s whip, but a lot of the newer generation knows how bad the climate is and will easily combat this if given a clean sports vehicle. Unfortunately, classic cars will only take gas to function. Though, China themselves knows how difficult the gas economy is and has begun to create a cheap electric vehicle similar to the Chevy Spark that is going to release in the US in a few years and might just take over the market. Furthermore, individuals in busy cities might find it really difficult to enjoy a ride using public transportation. However, during Covid, it has been one of the most advanced and regulated choices of mobility, next to Uber, for those who do not drive.
The gas inflation conflict is something that will constantly go up like it always has, yet it only reached its highest point fastest now due to our current withstanding of foreign rivalry. However, it is not too late to combat this by finding electric alternatives to vehicles, increasing our supply here in the US, and carpooling or taking transit. Gas prices are not the end of the world. Certainly not when you have options and services available. There are also reliable apps to show you where to get gas the cheapest, such as GasBuddy. Regardless, this change must be implemented so it’s possible to save the people’s pockets as well as resolved a part of the US economy.
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