TOWSON, Md. (WJZ) — In Maryland and across the nation, gas prices broke an unwanted record. The average price per gallon has now been above $3 a gallon for 1,000 days. Worse yet, economists warn we likely won’t see prices dip below $3 ever again.
Kai Jackson has more on the milestone.READ MORE: READ IT: Baltimore Mayor Brandon Scott Releases 3-Pillar City Crime Plan Friday
The $3 a gallon streak began Dec. 23, 2010. Industry experts say Americans should get used to it.
America is in the midst of a milestone that few like and is no reason for pride. Tuesday marks the thousandth straight day that the average cost of gas is at or above $3 a gallon.
“The only time people are going to react and try to improve their efficiency is when they have to pay more. If they pay more at the pumps, then maybe they’ll start thinking about alternative energy,” said Dan Sellers.
A AAA survey shows that when gas is above $3 a gallon, 46 percent think it’s too high. At $3.50 a gallon, 62 percent think it’s too high. When gas is above $4 a gallon, an overwhelming 90 percent of drivers think it’s too high.READ MORE: As Covid Cases Rise In Maryland And Nationally, Officials Renew Push For Vaccinations
“Every one cent increase in the average price of gasoline takes about a billion dollars nationally in consumers’ spending power,” said Anirban Basu, Sage Policy Group.
Basu is an economist who runs the Sage Policy Group in Towson. He says the global market is fueling high gas prices in the U.S.
“That means more Brazilians in cars, more Indians, more Chinese, more Indonesians, more Malaysians, more Mexicans,” Basu said.
While experts say gas is unlikely to drop below $3 a gallon in the United States, consumers are telling us they’re not surprised. Some even feel there’s not much they can do about it.
“Get a vehicle that gets better gas mileage. I kinda stopped tryin’ to battle it. It is what it is,” said Chris Nicolo.MORE NEWS: EPA Approves Use of COVID-Fighting Antimicrobial Air Treatment Solution in Maryland
Some believe America’s reliance on foreign oil is the most significant reason for high gas prices.