Gas prices in New Hampshire are rising sharply, impacting both drivers and local businesses. As summer approaches, these increases are hitting hard, especially for those reliant on transportation.
Impact on Local Businesses
Cordan James, owner of Vetrun Movers, expressed concern over the soaring costs. He noted, “They’re expensive, which is very hard.” To mitigate the effects, he plans to adjust pricing for clients.
The peak moving season is underway. However, the ongoing rise in gas prices may deter customers looking to save money. According to James, “They can’t afford to move or get around as much because things are expensive, which makes it harder for me as I relocate customers.”
Current Gas Prices
As of now, average gas prices in New Hampshire exceed $4 per gallon. This situation is creating daily challenges for many drivers.
Global Influences on Prices
Experts suggest that international factors are significantly influencing local gas prices. Although the United States produces its own oil, fluctuations in worldwide markets still affect costs.
- Former OPEC chief economist Masood Samii noted, “You’re safe from supply disruption, but we are not safe from the price change.”
- The United Arab Emirates announced plans to leave OPEC, adding further uncertainty to future prices.
While potential changes in global oil supply may occur, Samii cautioned that any impact on pricing could take time. “They will have a possibility of increasing their supply and bringing prices down, but that would be in the medium term,” he explained.
Summer Travel Outlook
As the busy summer travel season approaches, high gas prices are likely to persist. The introduction of the summer blend of fuel adds another factor contributing to elevated costs at the pump.
Drivers and businesses alike will need to navigate this challenging economic landscape as summer unfolds.
