James Cross
Gas prices are intrinsically linked to the US economy, giving hints as to how well or poorly it’s doing. It’s one of the first topics of conversation when people discuss their budget, given that in many cities, owning a car and paying for gas is an expensive necessity. Ahead of the Thanksgiving Holiday this weekend, though, companies have decided to offer consumers a break.
Winter Can Be Financially Stressful
The winter holidays can be a financially stressful time for many Americans, with Christmas and Thanksgiving each posing their own individual challenges. It’s a time of travel and being home with family. Although gas prices often come down during winter time, they can still pose an important question to the budget.
Gas prices are one of those economic factors that vary daily, depending on a hundred different factors. The amount that people are driving is one such factor, but many things that cause prices to go up and down are out of our control.
Historically, Gas Reflects the Economy
It’s been the case throughout history that gas prices are indicative of the greater economy. Many people look to the past to bemoan current pricing, but ignore both the current and past values of the dollar as well as the economic climate that led to said pricing.
To give an example, during Nixon’s presidency in 1973, the Organization for Petroleum Exporting Countries (OPEC) announced an embargo on countries that had supported Israel during the Yom Kippur War, refusing to sell. Gas prices rose from $0.39 to $0.59 in 1974, which in 2023 dollars is $3.19.
The Middle East Holds Big Influence
Another example of gas prices reflecting American and world events is in 1980, when the Iran-Iraq war began. Starting in 1969, domestic production of oil in America had peaked, but population growth demanded more than we could produce. Therefore, we imported from other countries, mainly the Middle East.
When the conflict between Iran and Iraq began in 1980, domestic oil production and therefore export levels were obviously impacted. The price of gas in America rose from $0.63 a gallon in 1978 before any conflict in the Middle East, to $1.19 a gallon in 1980, which is the equivalent of $4.25 today.
Modern Factors are Much the Same as the Past
Today, high gas prices are influenced by dozens of factors. The war between Ukraine and Russia put a unique strain on the supply chain when it first started in 2022, and the world economy is still recovering from the impact of COVID-19.
Many people have had to adjust their driving habits to account for higher costs of gas, choosing to carpool or even take public transportation in order to circumvent gas prices. While unfortunately there’s often nothing that can be done about gas prices, this weekend, one gas company has announced a promotion as a holiday gift to Americans.
A Heavy Discount for the Holidays
Sheetz, a corporation that is responsible for operating over 670 gas stations in the mid-Atlantic, has announced a promotion that consumers are thrilled about. Through Cyber Monday, all Sheetz-operated gas stations in Pennsylvania, Ohio, North Carolina, Virginia, and West Virginia will have gas listed for only $1.99 a gallon.
There is one caveat to this gift, though: the gas in question that is being discounted is unleaded 88, which is gas that is blended with 15% ethanol for a cleaner environmental burn. The gas is approved for use in cars that were built in 2001 and later, meaning that customers with older cars may not benefit from the deal.
Many Exclusions, But Still A Gift
Other cars that aren’t approved for use of unleaded 88 over normal gas include motorcycles, vehicles with heavy-duty engines like school buses, off-road vehicles, or engines in off-road equipment. While this may seem to exclude a lot, it can’t be denied that this is still a priceless gift for many Americans.
The average price of gas across the country right now is approximately $3.40, though that, of course, heavily depends on which state you’re asking about. Even so, the drop in price to $1.99 a gallon is a steep discount for lucky consumers in affected states.
A Wonderful Relief for Thanksgiving
This is a welcome relief for a lot of customers, given the current economy. While it is true that prices are much more favorable now than they were even just a year ago, the fact of the matter is that inflation is still over 3%, and many people have felt the squeeze, particularly in the prices of groceries.
Lowering the prices of gas is a real, tangible gift that can be given during a time where a little extra money would go a long way. Though the discount is short, Sheetz has offered many consumers a real break. The money that consumers might have spent on gas this weekend can now go to other places.
A Happy Thanksgiving for All
Consumers might choose to use their savings on Christmas gifts or to pay their bills, but whatever their money goes towards, it will help to stimulate an economy greatly in need of it. It’s understandable to hold onto our money when economic times are tough, and Sheetz has taken a good step to offering consumers relief.
For those consumers who will benefit from Sheetz’ pricing generosity, this week just got a little brighter for one more reason. For the rest of Americans, this week is meant as a time to spend with family, and to remember the many things that we’re grateful for, even if gas prices aren’t one of them.
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