Rising Gas Prices Blamed on Poor Energy Policies of the Biden Administration
As drivers across the country brace for rising gas prices, experts are pointing to the poor energy policies of the Biden administration as a major factor behind the increase. While the winter months provided some relief with gas prices averaging between $3 and $3.30 nationally, costs are now on the rise, and analysts predict this trend will continue into the spring.
According to the gas-price tracking site GasBuddy, the average price of a regular gallon of gas currently stands at $3.34, marking a 10-cent increase over the past week and a 22-cent increase over the past month.
Unfortunately, there are several reasons why drivers can expect gas prices to keep climbing, making it crucial to find ways to save on fuel.
One factor contributing to the rising prices is the extension of oil production cuts by several OPEC+ countries. This decision exerts upward pressure on both oil and gas prices. Crude oil, which makes up around 57% of the cost of a gallon of gas, has seen a 9% increase in the past month, trading at approximately $79 per barrel according to the West Texas Intermediate measure. These prices are nearing the highest levels since November.
Seasonal trends also impact gas prices. Historically, gas is cheapest during the winter when driving activity is low and winter-grade gasoline is used. However, as demand for gas picks up with the arrival of warmer weather in the spring, prices tend to rise. Additionally, refineries switch to producing the more expensive summer blend, further impacting prices.
AAA spokesperson Aixa Diaz highlighted the upcoming spring break season and noted that March and April typically bring higher gas prices. Warmer temperatures lead to more road trips, serving as a precursor to the summer driving season.
Refinery maintenance, which peaks in March, also hampers gasoline production during the transition to summer blends, exacerbating supply constraints and leading to further price increases, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
While gas prices are currently lower than in previous years, with some states still averaging below $3 per gallon, the overall trajectory remains concerning. Experts predict that gas prices will be lower in 2024 compared to last year, but this does not alleviate the immediate burden on American drivers.
Critics argue that the Biden administration's poor energy policies are contributing to this situation. The administration's focus on reducing domestic energy production, such as halting new oil and gas leases on federal lands and canceling the Keystone XL pipeline, has limited the country's energy independence.
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The lack of a comprehensive energy strategy and a reliance on foreign oil have left American consumers vulnerable to price fluctuations and disruptions in the global market.
As gas prices continue to climb, drivers are left with the challenge of finding ways to mitigate the impact on their wallets. It remains to be seen whether the Biden administration will take meaningful action to address these concerns and prioritize energy policies that prioritize American consumers and economic stability.
Please note that the information in this article is based on various sources, including GasBuddy, AAA, and the Energy Information Administration.
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