How High Will Gas Prices Go in Idaho and When Will They Stop Rising?
Gas prices are continuing to climb, and have reached the highest they have ever been in history. A few months ago nobody would have projected that gas in Idaho would cost just a cent below five dollars. The prices continue to climb, and it doesn't seem to be slowing down. How high will gas prices go, and where will they finally settle at? If they continue to climb, at what point do you find alternatives or start sacrificing other things to afford driving your vehicle?
Gas Prices at a Record High
My wife and I road tripped California last year and thought gas was high at $4.50 per gallon on average. Some places got as high as $4.80, but we never saw it above $5. That was the highest that either one of us had ever seen. When we moved to Idaho in November, gas was on average around $3.50 and that seemed to be mostly standard across the county. In the seven months, we have lived here, it has jumped to $4.99. That is a dollar and half jump in just over half a year. The expectation is it will slow down, but since the big jump a few months ago that took gas above four dollars and saw nearly a 70 cent jump, gas again has taken nearly a 60 cent jump. How much higher will it continue to go and where will it stop?
How High Will Gas Prices Go?
At the current pace, gas prices are rising, it's not out of the realm of possibility to see them go above $6 sometime in 2023. Seven months and a dollar and half would mean at this rate, the price of gas would be $6.50 by the end of the year and be around $8 by the end of next year. The assumption is that eventually, the prices will level out, but then the question falls to where does it stop at. Every summer gas prices spike, and then come back down in the fall, only to be twenty to thirty cents more than they were before the spike. Seeing the prices come down, many don't complain about the slight increase every year. Where does this put gas prices at the end of this summer?
When Is The Cost Not Worth It?
If gas prices do climb above six dollars or seven dollars in the next couple of years, how does that impact you and what you may have to sacrifice? My family lives in the Buhl area but both of us work in Twin. If gas climbs too high, we may need to move closer to our jobs. Corners may need to be cut such as getting rid of streaming services, changing the type of lawn mower you use from gas to another type, or eating out less. Alternatives could be riding a bike to work, getting a scooter, or even riding your riding lawn mower. It sounds crazy, but it uses less gas.
The price increase doesn't appear to be slowing down and where it will stop is anyone's guess. The amount it has increased in such a short time is shocking, and hope is it will eventually stop climbing, but until that time comes, don't be shocked to see prices go higher than you ever imagined in your lifetime. That trip my family took was eye-opening, but imagining what those prices would be now is why road tripping may need to take a backseat for the near future.