By Steven Symes 
Anxiety for American consumers is climbing after warnings that a rupture in the Keystone Pipeline, possibly caused by sabotage, could lead to high gas prices. We’ve been through other periods of climbing costs at the pump, which also leads to other goods skyrocketing at the store.
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On the morning of Tuesday April 8, reports of a loud “mechanical bang” followed after a rupture was discovered in the Keystone Pipeline in North Dakota, reports CBS News. As a result, the pipeline has been shut down, ceasing the flow of oil.
Warnings have been sounded that this could trigger a sudden upswing in gas prices, although those predictions might not age well. We should know soon enough if the shutdown will last a long time or if repairs can be made quickly and the disruption is minimal enough to not impact supply too much.
A recent study conducted by enthusiast parts website American Trucks found a surprising number of Americans have almost crippling anxiety about gas prices. In other words, a lot of people are in panic mode right now or will be once the cost of gas starts climbing.
Thankfully, gas prices are rather tame at the moment. While we’d love to see lower prices, AAA says the national average sits at $3.23 a gallon, which is lower than the $3.60 average from a year ago. But that might change quickly if predictions are accurate.
According to the American Trucks study, 90 percent of Americans view gas prices as a financial burden. That’s not too surprising, but what’s shocking is that 22 percent of those surveyed said gas is their most worrisome household expense.
While it’s not fun to pay out more at the pump, we can think of at least five or six other expenses in the last year which have been more anxiety-inducing, including groceries. But American Trucks found once gas reaches $4.15 a gallon, consumers start changing their driving habits, cutting back on travel. That has to be the national average, because in California right now it sits at $4.93 a gallon.
On average, respondents said they would stop driving if gas hits $6.65 a gallon. That seems a little dramatic, because driving in many areas is a necessity. But we wonder if car sharing apps, EVs, and other alternatives wouldn’t see an increase in popularity were that to happen.
Hopefully we don’t get to that point. Anxiety often means people stop thinking clearly, so stop and take some big, deep breaths before making any big financial decisions.
Image via Ekaterina Belinskaya/Pexels