Gas prices are at an all-time high—and there’s no relief in sight. Consumers have consistently been paying a bit more at the pump each year. Drivers had been blessed with lower gas prices for years. The affordable fuel prices enabled consumers to travel more, purchase bigger cars and even spend more money overall. Recently, global demand has seen a sharp uptick due to the low gas prices. This has had an adverse effect, since oil production hasn’t been able to keep up with demand. The imminent price jumps will have a big impact on Americans’ spending habits. Gas prices are expected to continue to increase, and experts predict it will be at least two years before they return to average levels. Until then, the high-priced fuel can have a significant impact on how people shop, drive and even where they live.
Let’s take a closer look at what higher gas prices mean for your day-to-day activities.
Say goodbye to gas-guzzling vehicles
The price of gas can directly influence which cars Americans buy. Gas-guzzling trucks and SUVs are a common sight on the streets when gas prices are low, but drivers typically prefer smaller, more fuel-efficient passenger cars when gas prices surge. Increased fuel economy becomes a top priority so drivers can get the most for their money during lean times.
Less discretionary spending
Spending less money at the pump means more cash for going out to eat, shopping and traveling. That discretionary spending all comes to a stop when gas prices go up. This can cut the traffic in malls and restaurants in half, as a larger amount of people’s paychecks are devoted to paying for gas. Some families will even go as far as to cut down on the amount of travel in private cars, instead opting to take advantage of professional transportation service in Tacoma, WA when possible.
Increase in urban home prices
Increasing gasoline prices can also influence some home prices. Buyers will look for houses closer to their place of employment to cut down on the commute when gas prices are high. Homes with a shorter commute sell at a higher price when the cost of gasoline goes up. Research shows there’s typically a 2 percent jump in home prices closer to downtown urban areas when gas prices jump by at least 10 percent. Homes within 30 minutes of major business areas will see the biggest price fluctuation.
Don’t let high gas prices keep you from enjoying your everyday life. Hiring a transportation service in Tacoma, WA allows you to enjoy your daily activities without paying for it at the pump. Around the Sound/TransPro offers affordable, fast and comfortable transportation to get you where you need to go. We also offer airport, event and non-emergency medical transportation. Our high quality of service doesn’t fluctuate with the changing gas prices—we’re always committed to getting you safely where you need to go. Call us today to learn more about how riding with Around the Sound/TransPro can save you money!
Categorised in: Transportation Service
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