Saturday, June 22, 2024

Gas Prices Soar as Biden Energy Policies Batter Consumers

'Whether it hits $4 per gallon or not is still perhaps a 50/50 chance... '

(Dmytro “Henry” AleksandrovHeadline USA) The Biden administration’s failing domestic agenda and anti-independent energy policies have led to U.S. gasoline prices spiking to the highest level since the end of the last year.

According to Oil Price, the major source for oil and energy news, U.S. gasoline prices rose for the third week in a row, increasing $.076 per gallon from a week ago to $3.65 per gallon yesterday, reaching the highest level since November 2022.

GasBuddy data showed the national average for a gallon of gasoline is $.221 cents more than it was a month ago.

“With oil prices touching their highest level of 2023 at nearly $83 per barrel, the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week,” GasBuddy’s head of petroleum analysis said on Monday.

“While the rising price of oil is likely the largest factor in rising gas prices, seasonal impacts continue to also exert pressure on prices.”

Making matters worse, the Biden administration has drained the U.S. strategic petroleum reserve to record low levels, triggering economic pain and presenting a growing natural security threat.

“The SPR is at a 38-year-low (lowest since 1984) because the Biden Admin. continues tapping it to artificially lower costs when they should instead unleash domestic energy production,” wrote Rep. Jeff Duncan, R-N.C. “Depleting our strategic oil reserve is weak & shortsighted. Energy security=national security.”

The economic pain at the pump is predicted to get especially worse for northeastern states.

“With the Northeast making the final step in the transition to summer gasoline this week, states in that region should expect a sharp rise in gasoline prices over the next week or two,” GasBuddy said.

“Oil prices remain a wildcard, but we’re likely a few weeks away from seeing the national average peak. Whether it hits $4 per gallon or not is still perhaps a 50/50 chance.”

Headline USA’s Mark Pellin contributed to this report

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