Gas prices remain well above seasonal average due to global energy crisis, increased demand
Motorists might get a fright at the pump this Halloween weekend as the national average price of gas will remain at a 7-year high, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. Gas prices on Halloween will be over $1.25 higher than they were last year, and nearly 65¢ higher than in 2019.
American drivers are now paying over $500 million more per day at the pump than they were last year, and this trend isn’t expected to ease any time soon. A result of COVID-19 recovery, increased fuel demand and stifled oil production has led to record-breaking prices in 2021.
“While global oil production and U.S. oil production is gaining momentum, producers have been very disciplined in raising output as quickly as demand has returned. As a result, oil prices have continued to see multi-year highs on an account of strong demand and weak supply,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “This Halloween it’s all trick and no treat as consumers dig much deeper in their wallet to fill their tank. Unfortunately, this is a trend that will likely persist until additional oil production is brought back online. U.S. oil companies have indicated that they will concentrate not on raising oil production, but initiating share buy-backs and raising dividends.”
Motorists can offset the rising gas prices by shopping around for the lowest price, using the GasBuddy app, and additionally can sign up for the free Pay with GasBuddy card that links to a checking account to save up to 25 cents off per gallon at participating gas stations. Motorists are also advised to drive more conservatively, which can boost the miles yielded per tank by as much as 25%.
About GasBuddy
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded nearly 100 million times. Acquired by PDI Software in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit www.gasbuddy.com.