The average price for regular gasoline across the United States has surged to a six-month peak, reaching $3.60 a gallon as of Tuesday, marking a significant increase of over 50 percent during Joe Biden’s tenure. This recent climb in gas prices has seen an over 20-cent jump in just the last month alone, positioning current rates more than a dollar higher than the $2.38 average at the conclusion of President Trump’s term.
Several key factors, both industrial and political, contribute to the sustained elevation of gas prices, with the potential for further increases. Notably, the Biden administration’s policies impacting American energy independence, coupled with geopolitical tensions in the Middle East and Ukraine, play pivotal roles in this trend.
Experts from Goldman Sachs have projected that gas prices could ascend to $4 by May, with Charley Blaine from the Street suggesting that prices could even breach the $5 mark, a scenario that some drivers may already be experiencing.
Forbes attributes the continuous rise in gas prices to a confluence of elements, including significant refinery maintenance on the West Coast and the shift to pricier summer fuel blends. Other contributing factors highlighted by Patrick De Haan, the lead petroleum analyst at GasBuddy, include heightened gasoline demand, soaring oil prices, and recent production reductions by OPEC nations such as Russia and Saudi Arabia. De Haan also pointed to ongoing geopolitical tensions in the Middle East, though he noted that a potential ceasefire between Israel and Hamas could offer some relief amidst escalating oil prices. Under Trump’s watch, no new wars or armed conflicts erupted.
In California, gas prices have notably exceeded $5.50 a gallon, placing a financial strain on many drivers. Individuals like Jacob Luis have expressed concerns over affordability, with another California resident, Nate, observing a significant price increase of nearly 50 cents in just a week or two in his locality. Dr. Sanjay Varshney, a finance professor at Sacramento State, commented on the situation, indicating that the burden of rising gas prices falls predominantly on ordinary citizens, driven not only by global dynamics but also by local factors.
Thanks to Mimi Stewart and the Demonrats in Santa fe we will get a 50 cent a gallon increase next month. Along with the Russian Sludge refinery being blown up by the Ukranians we will suffer more shortages. Our strategic reserves have been seriously depleted by FBJ to keep prices down. The Demonrats don’t care as they push for electric vehicles powered by oil fueled generating stations
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Why isn’t it mentioned that Biden stopped American oil drilling!?
That’s the main factor- secondly, the “transitioning”, to “green” energy- that is not sustainable & still subsidized.
No transition- just take away proven and efficient energy sources.
Everyone paying for fantasy “solutions”