Do you miss the days when gas prices were at $3? Several viral videos on TikTok are inviting consumers to boycott the pumps from July 3rd to July 5th. It is suggested that such a boycott would bring the demand of gas down and consequently the prices of gas, a basic supply and demand concept. Allegedly, in April 1997 a similar boycott brought down gas prices 30 cent over night. However, Politifact has assured that there is no evidence of a successful boycott in 1997. According to data from the U.S. Energy Information Administration, gas prices remained consistent in April of 1997.
Experts suggest that boycotts of a few days have no real impact on the price of gas. Boycotts do not reduce the demand of gas, instead consumers simply shift demands to other days by fill up a day or two before or after the boycott. Rather, a consistent reduction in demand over several weeks would be necessary to see a decrease in prices. The current war in Ukraine and the reduced capacity at refineries are driving gas prices upward. Unless there are changes in these two factors we will not see prices decrees in the near future.
This blog post is part of the CIMA Law Group blog. If you are located in Arizona and are seeking legal services, CIMA Law Group specializes in Immigration Law, Criminal Defense, Personal Injury, and Government Relations.
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