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Tags: gasoline | joe biden | donald trump | prices | increase | middle east | ukraine

Gas Prices Up More Than 50 Percent Under Biden

By    |   Tuesday, 09 April 2024 08:10 PM EDT

Gasoline prices in the United States have soared to a six-month high, reaching an average of $3.60 per gallon, marking a more than 50% increase since President Joe Biden took office, Breitbart reported.

Over the past month alone, pump prices have surged by more than 20 cents a gallon, leaving consumers feeling the pinch. The current average price is over $1 higher than when former President Donald Trump left office, at $2.38 per gallon.

Various factors contribute to the escalating costs, with industry experts warning that prices could continue to climb. Biden's policies, aimed at reshaping the nation's energy landscape, are being closely scrutinized amid ongoing instability in regions like the Middle East and Ukraine.

Goldman Sachs has projected that gas prices could hit $4 per gallon by May, with some analysts even suggesting the possibility of prices reaching $5 per gallon or more in the near future.

Patrick De Haan, head petroleum expert at GasBuddy, attributes the price rise to a combination of factors, including extensive refinery maintenance on the West Coast and the transition to more expensive summer fuel blends. Additionally, rising gasoline demand and high oil prices are putting pressure on consumers nationwide, Forbes reported.

The West Texas Intermediate, a key crude oil benchmark, has surged nearly 10% to $85 per barrel in the past month, reaching a six-month high. Similarly, Brent Crude Oil's international benchmark has climbed by almost 10% to just below $90 per barrel.

De Haan said that recent production cuts by major oil-producing nations like Russia and Saudi Arabia also contributed to the price spike. Geopolitical tensions in the Middle East further exacerbate the situation, although there is a glimmer of hope with the potential for a cease-fire between Israel and Hamas.

In California, drivers are feeling the brunt of these price hikes, with some areas seeing gas prices soar above $5.50 per gallon. "I can't afford gas," said Jacob Luis, a California driver, in an interview with CBS News.

Another California resident, Nate, echoed these sentiments to KABC, stating, "It's a lot more expensive here" compared to just a few weeks ago.

Local experts in the state, like Sanjay Varshney, a finance professor at Sacramento State, emphasize that "ordinary people" are bearing the brunt of these price increases due to global factors and local economic conditions.

As gas prices continue to climb, consumers nationwide feel the strain on their wallets, raising concerns about the economic impact of sustained price hikes at the pump.

Jim Thomas

Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.

© 2024 Newsmax. All rights reserved.


US
Gasoline prices in the United States have soared to a six-month high, reaching an average of $3.60 per gallon, marking a more than 50% increase since President Joe Biden took office, Breitbart reported.
gasoline, joe biden, donald trump, prices, increase, middle east, ukraine, california
414
2024-10-09
Tuesday, 09 April 2024 08:10 PM
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