This was supposed to be vacation time. In the week that marks the peak for summer travels, vacationers were greeted by yet another news of rising fuel prices. For the first time ever, gas prices reached a national average of $4 per gallon. The unprecedented average came after the price of oil surged to a staggering range between $138-$139 per barrel.
As bad as the situation is, many analysts suggest that gas prices are still likely to rise even further.
People who have no choice but to use their vehicles on a daily basis have been feeling the brunt of increasing gas prices. So much so that more and more car buyers suddenly started to switch to smaller, lighter and more fuel efficient cars that triggered the huge shift in demand that caught the auto industry by surprise.
As bad as the situation is, many analysts suggest that gas prices are still likely to rise even further.
People who have no choice but to use their vehicles on a daily basis have been feeling the brunt of increasing gas prices. So much so that more and more car buyers suddenly started to switch to smaller, lighter and more fuel efficient cars that triggered the huge shift in demand that caught the auto industry by surprise.
People driving diesel powered cars do not benefit from the better mileage diesel engines usually bring. The price of diesel is even worse compared to regular gasoline. Currently, diesel prices are at $4.76 per gallon.
But rising gas prices don't just affect ordinary motorist. Pretty soon, everyone will be feeling the brunt of surging fuel costs.
Increasing fuel costs also mean added costs for businesses that need to transport their goods. Hence, consumers will also feel rising costs in the market place as a side effect of soaring gas prices.
So much for having fun under the sun. A vacation just became that much more expensive.
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