High gas prices continue, cost soars above $4 a gallon in Twin Cities
As high gas prices continue, Minnesotans are feeling the squeeze at the pump.
“It’s a bit of bummer, but this is my job, so I can’t really complain at all,” said Zach Fitzgibbon, a Lyft driver.” I can’t do anything about it. I have to work.”
Driving for Lyft puts money in Zach Fitzgibbon’s pocket, but high gas prices mean those pockets aren’t nearly as full.
Delivery drivers across the Twin Cities say filling up is not a choice.
“If we’re paying so much more for gas, what else are we taking out from, you know, out of our budgets.” Liem Nguyen, delivery driver, said. “If I don’t have this. I don’t have a job.”
The European Union recently announced its plan to sanction Russian oil. Experts said it’s responsible for the price hike combined with the switch to summer gas, which is more expensive.
“The problem is that more supply is disappearing because countries are sanctioning Russia no longer doing business or buying their oil.,” Patrick De Haan, GasBuddy oil and gasoline price expert, said. “So there’s just not enough supply available from other countries that are oil producers to meet the increase in demand.”
De Haan explained he doesn’t think price gouging is a factor in the sky-high prices.
“Oil companies don’t get to set prices. They are set by the market, basically determined by supply and demand,” he said, “In 2021, oil companies were losing tens of billions of dollars. Now that oil prices have gone up, they are making money again.”
De Haan follows the trends of oil and gasoline closely. He said if the tension in Russia remains high, so will gas prices.
“I don’t expect us to have meaningful long-term relief for potentially months, if not beyond that,” he said.