By David Kleinchuster

People have expectations for what the price of gas is supposed to be. So, when the price of gas exceeds our expectations, it may cause panic to the average American consumer.

Mark Setzler, political science professor at High Point University, sees why people panic over this issue.

“For example, when the price of steak goes up, what do you do?” said Setzler. “You switch to chicken. If the price of chicken goes up, you switch to hamburger, and the list goes on. What’s unique about gasoline is that you cannot simply substitute it for anything else.”

People have an expectation for what gas prices are suppose to be, so when the price fluctuates out of the normal zone, there tends to be panic. But what is the cause for this price increase?

Humanitarian crises across the globe could be to blame.

Saudi Arabia rejects any blame for worldwide oil shortages because of the Houthi rebels from Yemen attacking several oil production facilities within Saudi Arabia. Iran withholds their oil energy supply as a playing card to pressure the United States with demands for the ability to begin construction of nuclear technology. And considerably with the U.S. banning Russian oil due to the ongoing Russian invasion of Ukraine, all are global factors affecting the current supply of oil.

Yet, despite the rise in gas prices, Setzler encourages people not to worry.

“I would emphasize to the typical American voter and the typical American consumer that we have to put this all into perspective,” said Setzler. “Since the 1960’s, gasoline adjusted for inflation in today’s dollars typically oscillates between $2 to $4 a gallon. Are we way above that? No.”

Considering these historical instances, these prices are not unique.

Gas prices have inflated throughout the decades, yet the construction of the oil market is designed to react and respond to these spikes. When prices reach their oscillating threshold, as they are now, the American oil market increases the fracking rate of oil to create more supply to meet the demand of the American people until the prices reaches their historical average adjusted for inflation.

“What happened is that in this historical range, especially with COVID-19, demand went way down because people were not driving and the prices plummeted,” said Setzler. “Because we started at that low point close to $2 a gallon, and people are beginning to travel more, gas prices go up. This is what people are seeing.”

Additionally, the initiation of fracking will create more job opportunities within the oil industry.

Despite the fact that the American oil industry will rebound to compensate the current spike, people still struggle to match the prices reflecting in their eyes while watching the numbers roll up and ever onward while holding the gas pump.

Higher prices for gas especially hinder people with larger vehicles and larger gas tanks. Many are at the mercies of their wallet for the range they are able to drive and must prioritize what distances are feasible to travel.

William Jordan, an HPU student, does not like having to re-budget his finances in order to pay for gas.

“I have not been able to fill up a full tank because I am not making enough where I can fill up a full tank,” said Jordan. “I have to budget my lifestyle, work and gas while trying to have long term savings for now.”

But the average American driver is not the only one struggling to surf this inflation wave.

The rise of gas prices have negatively impacted gas stations. Majority of gas stations receive their income when prices are low, but when oil is in high demand, the gas stations must raise their prices to match the market. In causality, since prices are high, people are less likely to drive unnecessarily and refer to methods, such as carpooling. This leads to less people spending money at the pump and causes gas stations to lose money.

If this is a pressing concern for some, how can future drivers prepare for inflation spikes like this?

With increased fuel efficiency technology within vehicles, it is up to the American individual’s priorities and decision-making process when purchasing a vehicle.

“Today’s car is twice what cars used to get to the milage and more importantly, you can opt out of the gas line and get an all electric vehicle or hybrid vehicle that are over 50 miles to the gallon,” said Setzler.

Yet, many Americans choose not to convert to hybrid or all electric vehicles. Setzler proposes that the reason many opt out of converting to these types of vehicles is because these gas prices, within historical perspective, are statistically not that high.

Considering the current oil market climate and information provided, it is up to the American driver’s discernment on how to handle the red and green numbers piercing the sky above each gas station.

Whether choosing to save money by carpooling, opting for a hybrid or all electric solution or simply prioritizing the necessity of every trip taken in your vehicle, the oil industry is responding to this inflation to lower the cost of getting you from point A to point B.

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David Kleinschuster is a senior at High Point University majoring in Journalism and double minoring in Political Science and Military Science. For contact inquiries, please email dkleinsc@highpoint.edu.