Joe Biden’s America: Gas Prices Up over 60 Cents in Last Month
( Breitbart )
U.S. gas prices have skyrocketed by over 60 cents in the last month alone as they continue to hit record highs day by day in President Joe Biden’s America.
According to data from AAA, gas prices hit another record high on Thursday, reaching $4.970 for regular gas. Mid-grade is now well over $5.00 per gallon, landing at $5.332, and premium’s average stands at $5.624. Diesel fuel also hit another record high on Thursday, reaching $5.740.
Thursday’s rise for regular gas reflects a 25 cent rise in the last week alone, as the national average price of gas one week ago stood at $4.715. The price increase in the last month is even more stunning, jumping from $4.328 to Thursday’s average of $4.970 — a 64 cent rise.
Overall, the average price of gas is $1.90 higher than it was one year ago.
Twenty states now have an average gas price above $5.00 per gallon — up from the 16 states reported on Wednesday with Rhode Island, Vermont, New York, and Utah joining the list.
However, according to data from Gas Buddy, the national average price of gas is slightly higher than the figure reported by AAA, already reaching an average of $5.00 per gallon. Gas Buddy’s figures have gas prices rising 66 cents in the last month:
NEWS: The national average price of #gas in the U.S. has officially surpassed $5 per gallon this morning – the highest ever recorded. More here: https://t.co/tevA7BlcBU — GasBuddy (@GasBuddy) June 9, 2022
According to Gas Buddy:
Gas prices have surged in recent weeks as U.S. gasoline inventories have fallen over 25 million barrels, or over one billion gallons, since the start of March amidst a global decline in refining capacity due to the Covid-19 pandemic and accelerated demand going into the summer. The price of oil has also jumped due to escalations stemming from the Russian war on Ukraine, as countries choke off Russian oil supply via sanctions, pushing supply down at a time of rising demand. In addition, U.S. refining capacity has fallen by some 1 million barrels per day over the last three years. All of these factors have created an environment ripe for a surge in gas prices, while Americans balk at prices but continue filling up as demand has seen little decline.
Brent crude, the global benchmark that U.S. prices tend to trend with, was up .09 percent at the time of this writing to $123.67. West Texas Intermediate crude futures were down .24 percent, reaching $121.87.
The 60+ cent increase in the last month comes as the Biden administration continues to fail to take responsibility, remaining in denial that Biden’s dismantling of U.S. energy independence has anything to do with price increases.
Speaking before the Senate Finance Committee, Treasury Secretary Janet Yellen said “the administration has done everything that they can” to reduce energy prices, blaming issues primarily on ” the pandemic’s effect on supply chains, and the effects of supply side disturbances to oil and food markets resulting from Russia’s war in Ukraine”:
Treasury Secretary Janet Yellen concedes Biden has no plan to lower gas prices: "the administration has done everything that they can." Gas prices have more than DOUBLED since Biden took office. pic.twitter.com/5lFHIcqwQ1 — RNC Research (@RNCResearch) June 7, 2022
A recent ABC News/Ipsos poll found 72 percent disapprove of Biden’s handling of gas prices, and 90 percent say gas prices will be “extremely/very/somewhat” important when it comes to their vote for Congress in November.