According to AAA, the average price of normal gasoline nationwide surpassed $3.54 per gallon on Wednesday, marking a rise of more than 45% under President Joe Biden.
Gas costs have increased by 20 cents ($3.34) in the last month, or around $1 higher than they were when Trump took office.
Due to industrial and political causes, gas prices are still high and may continue to rise. A major contributing element is Biden’s economic assault on US energy independence amid the unrest in the Middle East and Ukraine.
Goldman Sachs predicts that gasoline prices will hit $4 by May.
“There are several variables that increase the price of oil. Therefore, you should anticipate that OPEC+ will continue to reduce its output. In the Middle East, tensions have also increased. That has also been driving up rates, according to a Wednesday article from Ines Ferre of Yahoo News.”
Customers are starting to notice the price hike.
“I had to get this automobile right away since petrol costs have increased; it saves me gas. Former California resident Jose Torres told KFSN, “I used to have a truck and I would pump virtually every day, now it is every other day.”
CEO of King Operating Corporation, Jay Young, told NBC 5 in Dallas, “I just do not see it going down.” Thus, budget more if you intend to drive farther this summer. Regretfully, expect to pay more.
Customers need not be concerned, according to GasBuddy’s head of petroleum analysis, Patrick de Haan. He told ABC News, “We are generally exactly on track with what we like to observe.”
According to Breitbart News, petrol costs have been high historically, and not just in comparison to the extremely low prices during the epidemic lockdowns, when the weekly national average gas price dropped below $1.80. The average price of gasoline in 2018 was $2.72 per gallon. The average for the following year was $2.60.
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