After a grueling two years of fighting the global pandemic, a chip crisis emerged. Russia felt it was the perfect time to invade Ukraine, and now the entire automotive industry is crumbling like Dominos. On Saturday, gas prices in the U.S. peaked as the national average for regular gasoline reached $5 a gallon. Hollywood star Mark Curry told TMZ on Monday that people should stop complaining and travel less or ride a bike.
As stern as the words from “Hangin’ with Mr. Cooper” actor may seem, he has a point. With everything happening worldwide, analysts predict gas prices will only go higher in the following months. A May report by JPMorgan indicates gas prices in the U.S. could go well over the $6.20 mark by August.
“I’m not a rich man. I have to put gas in my car like everybody else. But Bam! You go less places. You can ride a bike to the grocery store if it’s that bad,” he said.
The U.S is not the only region affected. Over the weekend, the UK witnessed a new record, with gas prices hitting $8.54 a gallon.
This year, oil and refined fuel prices in the U.S. have hit their highest levels in 14 years. Industry experts say it’s mainly due to the Russian Invasion of Ukraine and consequent sanctions. There’s also a higher demand for gas after the pandemic since many people had to put off travel plans last year owing to stay-at-home orders.
The price of gas is indivisibly linked to the cost of crude oil. Every $10 increase in the cost of a barrel of crude adds close to $0.25 to the price of a gallon of gas, CNET reported. While the U.S. doesn’t import crude oil from Russia, it is traded globally. Therefore, any change in the market sends ripples throughout the global market.
During the short interview with TMZ at LAX on Monday, Curry advised U.S. vehicle owners not to look at gas prices and just fill up. He urged drivers not to worry and instead drive slower and to fewer places.
Humphrey is a car enthusiast whose love and passion for automobiles extended into collecting, writing, driving, and working on cars. He got his passion for cars from his Dad, who spent thousands of hours working on his old junky 1970 E20 Toyota Corolla. Years later, he would end up doing the same with a series of lemons he’s owned throughout his adult life. Full profile
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