Gas prices began to rise on June 14, 2022; although there are many reasons for this, the Russians invading Ukraine has been the biggest circumstance to affect this rise in prices. Gas prices usually increase over the summer, but this summer has been the more drastic uptick. During the height of the war, gas prices rose from two to three dollars per gallon to five to six dollars. Since some people have multiple kids in their families, it is harder for them to pay for gas and groceries. There are items that people like low-income consumers need to get even if they do not have enough money for them, especially with inflated prices.
The people that do not have enough money and that have big families are the people that get affected the most by the high gas prices. Large families are the ones who are the most affected by the high gas prices because they have to provide for multiple people. The effect on society is becoming more prominent by causing more individuals to have bad health or other kinds of problems. According to NACS Consumer Fuels Surveys, “at least 70% of consumers say that gas prices affect their feelings about the economy.” The increase in oil prices lowers the rate of economic growth and increases inflation over a short period. According to The Federal Reserve Board, “If you have regular occasion to fill your car's tank with gas, you know that the price of gasoline has recently been both high and volatile,” which means that it is hard for people to get the gas they need when they do not have enough money for it.
The money earned through gas sales goes directly toward several large-scale oil companies. The Ukraine war is what started the gas prices becoming higher. Americans used to have the gas that we use today transported from Russia to America. The Russian oil prices are increasing because of the lockdowns and the war in Ukraine. In conclusion, gas prices have affected a lot of people in the U.S. and low-income consumers because they do not have a lot of money to be spending on gas. Now that gas prices have been going down, it will benefit most American families and other families around the world.