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Kansas City metro, local economist react as gas prices rise to record high of $4.17 Tuesday

Gas
Posted at 6:52 PM, Mar 08, 2022
and last updated 2022-03-08 19:52:08-05

ROELAND PARK, Kan. — Gas prices in the KC Metro are rising.

KSHB 41 News checked out the prices QuikTrip in Roeland Park — unleaded is at 3.79, plus is listed at 4.04 while premium is 4.29.

People at the pump tell us these prices are not only hurting their pockets, but also creating barriers in their everyday lives.

“They're very high, it makes it impossible to do what you do. I mean, I use my vehicle for work so that's another detriment to my income,” Jason Carpenter said.

The average national price of gas reached a record high of $4.17 Tuesday. This increase is one Carpenter says he feels way too often.

“We've got 100 dollars on it right now. Most of the gas pumps nowadays have a gas pump limit, so I can't even fill the truck up because I hit the limit long before it's even full,” Carpenter said.

Local economist William Black, an associate professor of economics and law at the University of Missouri- Kansas City, says the increase in gas prices is impacting other aspects of our economy.

“We transport an enormous amount of stuff by train and by truck and that mean fuel goes into the cost of everything,” Black said. “Plastics are made of petroleum, so when the price of oil goes up, the vast range of goods goes up that people don't think about.”

On the other hand, Black says the ban on Russian oil announced by President Biden will not be as detrimental as some may think.

“These biggest effects that we are not focusing on, like what is OPEC going to do to prices, are the things that massively effect peoples lives in the rest of the world, and it’s vastly a bigger effect outside the United States,” he said.

In the meantime, folks like carpenter say he hopes the gas prices can be lowered sooner rather than later.

“I think at the same time, we need to be self-sufficient for ourselves, and start doing things that we need to do to start supporting our own American citizens,” Carpenter said.

Despite the jump in gas prices, the research shows the vast majority of Americans agree with President Biden's decision to ban the purchase of Russian oil.

A Quinnipiac University survey Tuesday showed 71% of Americans back the ban, while 22% opposed it.