According to a NEWSMAX report, gas prices hit a six-month high this week, with AAA reporting the average price per gallon at $3.60 — up 50% since Joe Biden took office.
Prices have surged more than $0.20 a gallon in the last month alone. When Donald Trump left office, the average price for a gallon of gas was at $2.38 per.
From NEWSMAX:
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.
While the cost of gas has remained stubbornly high, so has the cost of everyday items like groceries. The Labor Department’s report on Wednesday revealed inflation is up 3.5% year-over-year.
More over at NEWSMAX:
Gasoline prices have reached an average of $3.60 per gallon in the United States, reaching a six-month high and marking a more than 50% increase since President Joe Biden took office. https://t.co/9TNuF7UeVA https://t.co/gKwu3VqP9H
— NEWSMAX (@NEWSMAX) April 10, 2024
