Biden’s Gas Price Surge Back For Summer
Americans nationwide are feeling the pinch at the pump as gas prices have surged back to a national average of $3.57 a gallon on Thursday morning, marking a more than 45% increase since Joe Biden assumed office. AAA data highlights a significant upturn from the $2.38 average price Americans were paying during President Donald Trump’s first term. According to Goldman Sachs, the burden on consumers continues to intensify, with the potential of hitting $4 as early as May.
The price rise comes against the backdrop of geopolitical tensions and strategic production cuts by OPEC+, further complicated by Biden’s policies, which undermine American energy independence.
Nationwide Gas Prices Top $3.50, Spiking More than 45% Under Joe Biden
The nationwide average price for regular gas topped $3.54 a gallon, a spike of more than 45 percent under President Joe Biden, AAA reported Wednesday.
In the past month, gas prices rose 20 cents ($3.34),… pic.twitter.com/n6STsRfHCA
— Owen Gregorian (@OwenGregorian) April 4, 2024
As prices climb, the impact on everyday Americans cannot be overstated. California resident Jose Torres shared his experience with local reporters by describing his decision to downsize his personal vehicle from a pickup to a smaller car in an effort to manage fuel costs. Tax-happy California is currently experiencing gas prices of $5.20 per gallon.
Experts, however, offer mixed views. While some, like Patrick de Haan of GasBuddy, suggest the current prices are within normal historical ranges, the broader economic indicators suggest otherwise. The surge in gas prices has been a contributing factor to inflationary pressures, which could, in turn, influence the Federal Reserve’s stance on interest rates.
US Gas Prices Could Eye $4 in Summer as Oil Rally Persists
Gas prices likened to seasonal temperatures—“They start to rise with the arrival of spring,” says the American Automobile Association (AAA).https://t.co/2VkoDX8hDf
— The Epoch Times (@EpochTimes) April 3, 2024
This surge in gas prices not only strains budgets but could also have significant political ramifications. Moody’s Analytics reported earlier this year that rising gas prices could jeopardize Biden’s reelection bid, especially if prices approach the $4 per gallon mark. “Biden gets a small tailwind from the year-over-year decline in gasoline prices, but the expected late-2024 increase erodes much of the benefit,” the report found.
Meanwhile, Biden’s actively harmful policies affecting domestic energy production and the depletion of the strategic petroleum reserve for political expediency have left the U.S. far more vulnerable to global market shifts and geopolitical tensions.
The Federal Reserve is set to make a series of critical decisions about interest rates in the coming months. Small businesses, consumers and investors hope lower rates will spur production and tamp down inflation. However, the worsening situation for American domestic energy production appears to be directly affecting economic prosperity.