As costs continue to climb amid unprecedented inflation, the gas price spike keeps getting worse. All thanks to Joe Biden!
It was another record-breaking day for gas prices to hit a national average of $4.76, overnight Friday, an increase of roughly 20 cents in a week, according to AAA.
Gas costs are continuing to rise and may soon surpass $5 per gallon, forcing some Americans to reevaluate their vacation travel plans.
The American Automobile Association says that the national average gasoline price jumped five cents from Monday night to Tuesday and ten cents since Saturday, to a new high of $4.92 per gallon.
The AAA also states that Americans are spending $1.87 more than a year ago when the price was $3.05.
One analyst said that the price of a gallon of gas might reach or exceed $5.00.
The hurricane season, according to Andy Lipow, president of Lipow Oil Associates, might interrupt oil supply, driving up petrol prices even more.
“A major storm making landfall along the Gulf Coast, where 15% of the nation’s oil production and over 45% of the nation’s refinery capacity is located, can result in a significant supply disruption sending prices even higher,” Lipow said.
Hurricane season began on June 1 and will end on November 30.
Summer travel, and the resulting increased fuel use, could exacerbate the pricing point, Lipow said.
During an interview on “Varney & Co.,” Monday, economist Steve Moore weighs in on inflation and record-high gas prices. He also addressed the direct impact of the Biden administration’s policies, calling record-high gas prices “self-inflicted words.”
Joe Biden’s “self-inflicted wounds,” are the source of the new high, Moore said.
“I’d love to see President Biden say, we’re going to work toward a pause on the climate change craziness, and we’re going to continue to drill and to get American oil and gas. I think that would start to bring that oil price down. I was looking at those charts you were showing earlier on the show, and it was amazing because, I think you said it was $4.45 a gallon for the national average for the gas price, it was about $2.39 or so a gallon the day that Joe Biden took office. So do the math there. That means that we’ve got a doubling in the gas price in 15 months.,” Moore said.
“This is a result of policies that were implemented,” Moore continued. “These are self-inflicted wounds that are not a result of COVID. But in fact, because COVID’s basically over, we should be seeing less inflation, better growth.”
Well, thanks to Biden’s inability, Gas prices are still on the rise and will keep rising.