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Gas prices on verge of doubling since Biden’s first day in the Oval Office

The national average price for a gallon of gas is projected by Sunday to top $4.80, twice as much as the day President Biden took office.

The average price per gallon was $2.40 on Jan. 20, 2021, based on an average of the leading fuel-monitoring services. The average price on Friday was $4.78 and market analysts expected it to tick up at least 2 cents over the weekend.

The average American drives 13,476 miles per year, according to the Department of Transportation. That means owners of the Ford F-series — the most popular truck in 2021 — on average would spend roughly $3,060 per year at today’s price point compared to about $1,540 per year at $2.40 per gallon. For Honda Civic drivers, that would mean roughly $1,950 compared to approximately $980 in 2020.

Mr. Biden this week conceded that there is little his administration can do in the interim to provide relief on rising energy costs and other everyday items. He warned Americans that inflation across the economy is — at least for now — here to stay.