Gas prices have been rising for three consecutive weeks. The national average of a gallon of gasoline settled at $3.49 on Monday – an increase of roughly seven cents from the previous week, and 14 cents from earlier this month.
Information from the AAA Mid-Atlantic Weekend Fuel Report suggests that the national gasoline price will continue to rise in August.
The reason for the steady increase is due to climbing crude oil prices, fears of Iran disrupting global supplies and a weaker demand for energy in a struggling world economy.
The elevated oil and gasoline prices are affecting weary consumers that are still facing a struggling economy. The rising global demands and production outages have adversely affected the supply of crude-oil in recent months.
Furthermore, tensions between Iran and the West over Iran’s nuclear ambitions raised concerns that production from the world’s third-biggest exporter would plummet.
New discoveries of domestic oil and natural gas hold the promise of more substantial benefits for the U.S. economy.
The possibility of achieving energy independence is becoming a reality because of the shale boom and domestic suppliers like TAP Management. Consumers will benefit from both lower and more stable energy prices.
Lowered gasoline prices would help boost consumer confidence levels, economic output and job growth.
Individuals and businesses will benefit from having more discretionary income to spend on other purchases such as furniture, appliances, vacations, automobiles and other development projects.
Reduced oil prices would also mean cheaper diesel and jet fuel for suppliers and airliners. The reduced operational costs could be passed on as savings to consumers.
Additionally, the lowered fuel prices could help further development projects, creating additional job growth and employment opportunities for Americans.
According to an article published by USA Today, energy independence could create roughly 3.6 million new jobs and reduce the unemployment rate by two percentage points.
Although a movement towards energy independence has been discussed for decades, BP projects that the U.S. will get 94 percent of its energy domestically by 2030.This would allow the United States to import any other oil needs from politically stable allies such as Canada.
TAP Management complaints regarding the volatile oil and gas prices stem from our desire to reduce our nation’s dependence on foreign oil. The United States currently imports approximately 45 percent of the oil we consume. Much of the crude-oil we import is provided from suppliers that are not political allies of the United States.
By increasing the domestic supply of oil and natural gas, consumers will benefit from additional job creation, lowered energy prices and a better quality of life for their families.
TAP Management Inc. | 515 Congress Avenue, Suite 2525 | Austin, TX | (512) 527-6000