Connect with us

Economy

Gas Prices Have More Than Doubled Under Biden, Now More Than 5$ Per Gallon

Published

on

Gas Prices

The national average price of gas in the United States has more than doubled since President Biden took office – reaching over $5 per gallon for the first time ever this week, according to GasBuddy.

When Biden took office on January 20, 2021, the average price per gallon was $2.40. Last weekend, the average price per gallon reached $4.80 and has since soared to more than $5 per gallon.

Biden has attempted to blame the record high gas prices on Russian President Vladimir Putin’s invasion of Ukraine, calling it “Putin’s Price Hike” and falsely claiming that “gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine.”

However, gas prices have not increased by $2 since Russia invaded Ukraine and they have been steadily climbing since Biden’s inauguration. From January 20, 2021, to February 21, 2022, gas prices soared from $2.40 per gallon to more than $3.53 per gallon. The nearly 50 percent increase in gas prices occurred before the Russian invasion of Ukraine which occurred on February 24, 2022.

Experts believe that gas prices will continue to rise through the summer. According to Natasha Kaneva, head of global oil and commodities research at JPMorgan, the United States was going to face a “cruel summer” as gas prices dwarf their already record highs.

“With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average,” she wrote in a research document.

Patrick De Haan, head of petroleum analysis at GasBuddy, similarly warned that gas prices will continue to increase.

“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” he said. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”

Continue Reading
2 Comments

2 Comments

  1. anthony manzo

    June 12, 2022 at 2:00 pm

    Now why would he worry. WE PAY FOR HIS GAS BILL. And he is taking care of ALL his wealthy. As well as the Electric car and BATTERY people. JOT does your crime family OWN any STOCK in these ompanies ??????????????????????????????

  2. john

    June 13, 2022 at 3:29 pm

    Hey Leo, everytime we get updates on the prices, we laugh, because in California $5.00 would sound nice. I paid $6 at Costco yesterday and that’s like .50 cheaper than the stations in town. We need people to vote in the elections and throw out all these nuts that don’t care about us everyday people. like the stupid congresswoman that said she had no problem paying for her gas. If we were paid $174000 a year we wouldn’t have a problem either, they don’t live in the real world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Leo's Hot List