Gas Shortage? Crazy High Prices? Everything You Need To Know

Last Updated on June 1, 2021

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Gas prices are leaping to new heights. Protect your wallet with these quick tips as we wait for gas prices to normalize.

Gas Prices Soar

The national average price for gas has climbed since last week due to a cyberattack on the Colonial Pipeline. This will likely lead to fuel shortages in the Southeast, and consumers will feel the brunt of it all. In just a week, the average price rose more than 8 cents, reaching over $3.01 a gallon.

The cyberattack affected major operations for one of the largest fuel distributors in the nation, leaving many East Coast gas stations without much choice. When there’s less gas to sell, prices skyrocket. Though the Colonial Pipeline plans to restore its service by the week’s end, many commuters are worried that the shortage will empty their wallets.

Are You Affected?

There’s already been a huge increase in gas prices, making it way more expensive to fill up. This may force individuals to spend over their budgets just to get to work. Luckily, the effects are estimated to be concentrated in the Southeast region, as stations suffer from a lack of fresh deliveries. This will limit the fallout to a select portion of the United States, though there may still be increased prices all over as large corporations try to offset the week’s losses.

For those living in Florida, North Carolina, and Virginia, things have already escalated. The governors of those states have issued a state of emergency to conserve fuel, with commuters either forced to work remotely, or greatly limit their driving.

Over 45 percent of the fuel for the East Coast is delivered by the Colonial Pipeline, so from Texas to New Jersey, many will feel a hole burning in their wallets. The route is more than 5,500 miles long. Without deliveries, there will be gas shortages. Thousands of gas stations will face major losses, meaning prices may continue to rise.

Fuel Up Fast

Gas prices could continue to skyrocket. So getting gas before prices get worse may be the best bet. One tank could outlast the trouble, with the Colonial Pipeline expecting to fix the issue this week. However, things could get worse if people begin to hoard gas. A quick fill or even half a tank should be enough to get you through the current gas shortage.

Carpool

To save money commuters may want to carpool to and from work to conserve fuel and save money. Splitting the rising cost of gas for a single car with a co-worker or friend in May 2021 can help big time if saving money is a priority.

Work Remotely

Covid-19 restrictions have vastly changed the landscape of nearly every industry, with many workers still working from home. Despite vaccines and loosening restrictions, some companies have decided to allow their employees to work remotely, either part-time or permanently. If this option is available to workers, it may be the time to cash in. Without a morning and evening commute, filling up on gas won’t be a priority. It’ll be much easier to wait out the rising gas prices.

Pack Smart

Unloading heavy items from your car can drastically improve your fuel efficiency. If your family has multiple vehicles, using the smaller one while the gas shortage is going on can help a lot. While traveling, minimize air conditioning use by parking under a tree or open the windows while driving. The more air needed to lower the temperature, the more fuel is being burned.

Quick Fixes

The Biden administration is considering offering a quick fix to the problem, though nothing has been confirmed. Biden is considering waiving the Jones Act, which prohibits foreign tankers to transport gasoline and diesel fuel. With concentrated efforts to distribute fuel to the Southeast regions, the fallout may not be as devastating as expected, and prices could normalize sooner rather than later.