Things Getting Costlier In Massachusetts Due To Soaring Gas Prices

Things Getting Costlier In Massachusetts Due To Soaring Gas Prices

There is one price that people pay attention to above all others, and that is the price of gas. Gas prices in Massachusetts are only rising in one direction: upwards. Gas prices in Massachusetts have reached an all-time high, breaking a seven-year record. The recent increase in gas costs caused by the situation in Ukraine has pushed them further higher, contributing to a sense of disillusionment among Massachusetts residents.

Massachusetts residents are bearing the brunt of soaring gas prices, which hit a national average of $4.35 per gallon on Tuesday, increasing over 10%. The very last time customers faced such rapid price hikes was when the world economy imploded during the economic catastrophe of 2008. Soaring gas pricing is occurring in the midst of a number of economic problems, including Russia's invasion of Ukraine, a pandemic that is fading but has not yet been gone, and the greatest inflation figures in 40 years.

Image Credit : TaurusEmerald from WikiMedia Commons

Reasons for the price hike in gas include the following:

1. American oil producers halted production during COVID, and as a result, these suppliers are not generating enough to fulfil the nation's demands.

2. OPEC, or the Organization of Petroleum Exporting Countries, has refused to divulge the amount of oil in the world economy.

As a result of a plethora of economic challenges, the taxicab industry is struggling to keep up with expenses as gas costs skyrocket:

The spring of 2020 was interrupted because of the COVID, and the whole world came to a standstill, which means the people weren't really travelling or were not seeing their loved ones or going to work, and the taxicab industry suffered the consequences. And now, just when things were going back to normal, such rising gas prices are making it more difficult for taxicab drivers to function and make a livelihood in such difficult situations.

It is critical to note that gas prices have been growing for some time, but they have skyrocketed since Russia invaded Ukraine, and the US ban on Russian oil imports is expected to compound the situation, putting a strain on the taxicab industry. The drivers claim that they're already operating at a loss, but the current scenario is making matters harsher for them because rising gas prices are negatively impacting their bottom lines.

Taxicab drivers in Massachusetts are saying that these are difficult times for all of them and their families and that the spike in inflation is further exacerbating the situation. It is important to recognize that whenever the cost of gas increases, so will the expense of food and other necessities. Transporting food costs money. All of the taxicab drivers agree that they had never seen gas prices as high as these in their lifetimes. "It's the little folks like us who are really suffering the consequences of such high gas costs," one of the taxi cab drivers stated.

THE WAY FORWARD:

The scenario has created a huge issue for taxicab drivers in Massachusetts. One comfort that will support taxicab operators is that the state legislature may eliminate the state's tax on gas, which corresponds to 24 cents per gallon and provide relaxation to the taxicab industry, which is much needed.