Would You Pay Five Dollars A Gallon For Gasoline?

What's all this talk about the possibility of gas prices going higher? I was hoping to see a drop in prices after the Thanksgiving holiday. But maybe that won't be happening.

According to the AAA (American Automobile Association), the current average price for regular unleaded gasoline in the Binghamton area is about $3.51. The service station I visit is at $3.49 per gallon.

Last year, the average price in the Binghamton area was $2.14. Wow, that's a difference of $1.37 a gallon. If you have a 20-gallon gas tank, you're spending $27.40 more for a full tank. That's quite a jump. I have a 30-gallon tank in my van, so you know I'm clearing out my checking account every time I fill up.

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Nationally, the current average price per gallon of unleaded gasoline is $3.39. A year ago it was $2.12. In Pennsylvania, the current average price is $3.58 and one year ago it was $2.52.

CNN Business has reported recently that oil prices could possibly go as high as 120 dollars a barrel by June 2022. That's not a definite, just an observation that it could, and that would mean the price per gallon would be close to $5 dollars. At that point, you and I would be dealing with a higher cost of living, and that wouldn't be a good thing.

If gas prices jump that much more, I'm guessing motorists will be on the roads less, and you may see more people buying vehicles that are more fuel-efficient or making the switch to electric cars.

Hopefully, this is all just a worst-case scenario, and prices will remain level or at most, jump a few cents higher. Time will tell.