Gasoline prices in the United States have soared to a six-month high, reaching an average of $3.60 per gallon, marking a more than 50% increase since President Joe Biden took office, Breitbart reported.
Over the past month alone, pump prices have surged by more than 20 cents a gallon, leaving consumers feeling the pinch. The current average price is over $1 higher than when former President Donald Trump left office, at $2.38 per gallon.
Various factors contribute to the escalating costs, with industry experts warning that prices could continue to climb. Biden’s policies, aimed at reshaping the nation’s energy landscape, are being closely scrutinized amid ongoing instability in regions like the Middle East and Ukraine.
Goldman Sachs has projected that gas prices could hit $4 per gallon by May, with some analysts even suggesting the possibility of prices reaching $5 per gallon or more in the near future.
Patrick De Haan, head petroleum expert at GasBuddy, attributes the price rise to a combination of factors, including extensive refinery maintenance on the West Coast and the transition to more expensive summer fuel blends. Additionally, rising gasoline demand and high oil prices are putting pressure on consumers nationwide, Forbes reported.
The West Texas Intermediate, a key crude oil benchmark, has surged nearly 10% to $85 per barrel in the past month, reaching a six-month high. Similarly, Brent Crude Oil’s international benchmark has climbed by almost 10% to just below $90 per barrel.
De Haan said that recent production cuts by major oil-producing nations like Russia and Saudi Arabia also contributed to the price spike. Geopolitical tensions in the Middle East further exacerbate the situation, although there is a glimmer of hope with the potential for a cease-fire between Israel and Hamas.
