The national average price of regular gasoline hit a reported six-month high of $3.60 a gallon Tuesday, rising more than 50% under President Joe Biden.
Last month’s gasoline price was Rose Over 20 cents. It is more than $1 higher than it was when President Trump left office ($2.38).
Gasoline prices remain high and could rise further due to industry and political factors.Biden’s economy war Regarding America’s energy independence in an unstable situation middle east In Ukraine it is an important factor.
According to Goldman Sachs, gasoline prices are arrival By May it will be $4, but “don’t be too surprised if you see more than $5 a gallon at a gas station, if you’re not already paying that much,” says Street’s Charlie Blaine. I have written Monday.
forbes outlined Reasons for gasoline prices Continue Ascend/ascend:
Chief oil expert Patrick de Haan said the price increases were due to “major refinery maintenance” on the West Coast, a shift to more expensive summer blends, higher demand for gasoline and a rise in oil prices. This is said to be due to several factors, including soaring prices. Gas buddy.
The country’s crude oil benchmark, West Texas Intermediate, hit a six-month high of $85 a barrel, just shy of 10% last month, while Brent crude, the international benchmark, has risen nearly 10% in that time. , it hit a six-month high at just under $90.
De Haan too attribute They are concerned about the recent rapid production cuts by OPEC producers Russia and Saudi Arabia and the prolonged “geopolitical escalation in the Middle East,” but amid soaring oil prices, the possibility of a ceasefire between Israel and Hamas is “a glimmer.” It could offer “hope,” he added. price.
Motorists in the Golden State are already paying more than $5.50 a gallon for gas. Driver Jacob Lewis: “I can’t afford gas” Said CBS News.
“The last time I remember getting gas, I think it was two weeks ago, a week ago, it was probably 50 cents cheaper, or close to 50 cents cheaper. I don’t know if that’s reflected. I don’t know, but it’s a lot more expensive here, at least in my area,” says Nate, who lives in California. Said KABC.
“Ordinary people are paying the price, not just for global reasons, but even more so for local reasons,” said Sanjay Varshney, a finance professor at Sacramento State University.
