AAA Spokesman Shares How Long Americans Should Expect to Experience Higher Gas Prices
Andrew Gross, the national spokesman for AAA Inc., predicted higher gas prices will last throughout the summer. He told Fox News , “Demand is up.” Gross added, “Typically this time of year we are in a little bit of a…
Andrew Gross, the national spokesman for AAA Inc., predicted higher Gas Prices will last throughout the summer.
He told Fox News, “Demand is up.”
Gross added, “Typically this time of year we are in a little bit of a lull. There is often a demand lull between spring break and Memorial Day and we had a little bit of it about two weeks ago, but then last week, … there was actually an increase, which is very unusual. I don’t think I’ve ever seen that.”
He explained, “You have this increased demand as well as these really elevated oil prices.”
Gross noted “the price of oil has been stuck in this weird range of $100 a barrel to $110 a barrel.”
According to Gross, “It meets resistance when it hits $110 and then it drops back down, but then it meets resistance to drop below $100 and so it’s in this uncomfortably high area.”
He pointed out, back in August, “A barrel of oil was about $64 so we’re $40 plus more and that’s putting a lot of upward pressure because oil accounts for about 60% of the cost of what you pay at the pump, so the more expensive the oil, the more expensive the gasoline.”
The spokesman compared Gas Prices to the stock market, adding, “We’ve seen the stock market all over the place.”
Additionally, Gross told Fox News “a lot of the downward pressure recently in the oil market was due to COVID and all these fears in China about China locking down because any kind of economic slowdown in China really effects oil because China is really the world’s largest consumer of oil.”
