Gas prices are on the rise and could soon surpass $5 per gallon. Some Americans are now rethinking their leisure travel.
The American Automobile Association (AAA) reported that the average national gasoline price increased five cents Monday through Tuesday and 10 cents Saturday. It has now hit a new record averaging $4.92 per gallon.
AAA reports that Americans spend $1.87 more per gallon to fill up their cars than they did last year when the cost was $3.05.
An industry expert estimated that a gallon of gas would cost more than $5.00.
Andy Lipow is the president and CEO of Lipow Oil Associates. He said that hurricane season could disrupt oil production, driving up gasoline prices.
Lipow said that a major hurricane affecting the Gulf Coast, where 15% of the nation’s oil production and more than half of its refinery capacity are located, could cause severe supply disruptions. This could lead to higher prices.
Hurricane season started June 1st and continues through November 30th.
Lipow said that summer travel and the subsequent high fuel demand could impact the price point.
Steve Moore, an economist, set the new record. He said President Joe Biden’s “self-inflicted injuries” were the cause of the price rise.
Moore stated that this was a result of policies that were implemented. These are self-inflicted injuries that aren’t caused by COVID.
“I would love to have President Biden tell us that he is going to work towards a pause on the climate change craziness and that we will continue drilling for American oil and gas. You said that it was $4.45 per gallon for the average national gas price. The gas price was $2.39 per gallon on the day Joe Biden was elected.
Biden stated in a speech last month, that the United States had made “remarkable strides” in recovering its economy. Biden also acknowledged his policies while at the same time blaming the inflation and record-high gasoline costs on the coronavirus epidemic as Russian President Vladimir Putin.
Biden said at the White House that he wants every American to understand that he takes inflation seriously and that it’s his top domestic priority.
Biden stated that “he wanted everyone to understand the problem. ”
He stated that there are two main causes of inflation we are currently experiencing. The first is a once-in-a-century pandemic. This caused the global economy to shut down and throw supply and demand out of balance.
These supply issues have been further complicated by the onset of Omicron, and Delta viruses.
He stated that some of the root causes of inflation were beyond our control.