Americans are about to be paying more than they already are at the gas pump as prices rise again thanks to President Joe Biden’s economy.
According to Reuters, major refinery outages are primarily to blame for the projected surge in U.S. gas prices, which have already increased 9 percent since the start of this year.
AAA reported on Thursday that the average gas price in the U.S. is $3.412.
The higher prices at the pump will ultimately spike inflation— which is not good as Biden heads into the election year looking to be re-elected.
Throughout most of Biden’s four years in office, Americans lived paycheck to paycheck and struggled to make ends meet. Gas prices have nearly doubled since Biden took office, when the national average price was just $2.39 under the Trump Administration.
Prices at the pump are a whopping 60 percent higher now than they were in early November 2020— just before the 2020 election was called for Biden.
It is worth noting that when former President Trump was in office, gas prices were the lowest they had been since 2016— averaging $2.17 a gallon.
Days under Biden gas has been above $3 a gallon: 1,037
— GOP (@GOP) March 13, 2024
Days under Trump gas was above $3 a gallon: 0
Meanwhile, overall costs have risen 3.2 percent in the last year.
The outlet cited contributing factors as to why fuel prices are continuing to rise. One is that the U.S.’s stockpile of gasoline has fallen by 5.7 million barrels. Drone strikes in Russia launched by Ukrainian forces have also affected our country’s supply.
Mukesh Sahdev, head of oil trading and downstream research at Rystad Energy AS, said that gas prices could hit a multi-year high— via Bloomberg.
“There's not a lot President Biden can do in time for the election if this happens,” he said. “Strategic petroleum reserves are low, and there are few levers for the U.S. government to pull to lower gasoline prices.”
Gas prices are expected to drop right before the November election. However, last week, they rose for a second consecutive week.
The day Biden took office was the last day Americans paid less than $3 per gallon at the pump.
On day one, the president cut U.S. production and supply, claiming it had to be done to combat so-called “climate change.” He issued an executive order on his first day in office to reduce oil and gas drilling and repeal the permit for the Keystone XL Pipeline project.
It wasn’t long until Americans were paying an arm and a leg just so that they could drive to work. Some states such as California saw gas prices get up to nearly $8 a gallon.
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