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Gas Prices Have Increased 40% Under Biden, Analysts Issue Warning About Future Prices

Gas prices have skyrocketed under Democrat President Joe Biden and analysts are warning Americans that their forecasts show that prices are going to keep surging for at least another several weeks.

“The national gas price average has increased 40% since the start of the year, from $2.25 on January 1 to $3.13 today,” AAA reported on Tuesday. “Moreover, it is not stopping there. Motorists can expect gas prices to increase another 10–20 cents through the end of August, bringing the national average well over $3.25 this summer.”

Jeanette McGee, AAA spokesperson, said that the surge in costs are in part due to negotiations falling through with OPEC, adding, “As a result, crude prices are set to surge to a seven year-high.”

The report added:

The last time crude was more than $76.40 and the national average gas price was at $3.25 was November and October 2014, respectively. Prices for crude will exceed this threshold as early as today and gas prices will follow suit in coming weeks, paving the way for a very expensive peak driving season. 

The latest weekly report from the Energy Information Administration shows that gasoline demand remains robust at 9.1 million b/d, despite a weekly decrease. EIA reports that gasoline stocks increased by 1.5 million bbl to 241 million bbl last week. Since last Monday, the national average increased four cents and is more expensive on the month (+8 cents) and the year (+95 cents). 

AAA warned that Tropical Storm Elsa could cause disruptions to crude and gasoline production throughout the region.

White House Press Secretary Jen Psaki downplayed questions from reporters about surging fuel costs as she also dismissed the notion that the prices would hurt the Democrat Party in the midterms.

“On oil prices, you’ve alluded a couple of times today to the impact on what actual gas price is, I think it’s over $3 a gallon now, huge amount of travel over the holiday weekend,” a reporter said to Psaki on Tuesday. “What is the president doing for regular Americans to try to keep the gas prices down, whether it be engaging with OPEC? But also is the president considering releasing from the strategic reserve or are there other steps that the president can take to address what is obviously a painful situation and how much do you guys worry on his behalf that it will become a political issue that could be damaging to the president and his party in the coming election?”