Gasoline Prices Hit Another Record High
Gasoline prices in the United States soared to another record high on Tuesday, further undercutting claims from the Biden administration that they will “work like the devil” and are “using every tool” to provide relief at the pump.
“The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11.
“The gas spike — prices are up 17 cents in the past week alone — will only add to inflationary pressures that have raised recession fears, rocked financial markets and soured Americans’ views on the economy.”
In May, Biden announced a record-setting release of 180 million barrels of crude oil from the Strategic Petroleum Reserve – a move that’s merely a drop in the bucket and doesn’t address the fundamental issues in the market.
This was noted in the coverage from CNN:
“The national average dipped to as low as $4.07 a gallon in April after the record-setting release of oil from emergency reserves and as oil prices cooled off. But as industry analysts predicted at the time, that relief proved to be short-lived and minor.”
Those predictions included in Energy In Depth, which called about a previous SPR release in February “a temporary Band-Aid.”
Energy In Depth has also stated that the SPR should be reserved for emergencies and not balancing markets, because it takes these reserves to dangerously low levels in the event that a natural disaster or other event takes significant portions of production offline and actually distorts markets over the long-term in a way that would hurt consumers.
In response to this latest news, Rep. Cathy McMorris Rodgers, the top Republican on the U.S. House Energy and Commerce Committee, said:
“The American people cannot continue to bear the costs of President Biden’s war on American energy. The average price of gasoline is now at $4.37 a gallon. This makes everything more expensive — food, diapers, air fare, heating our homes, buying a car, and much more. The American people know this isn’t price gouging or Putin’s price hike. It’s been the Biden price hike since the day he took office.
“We must flip the switch on American energy production to reverse the damage of Biden’s energy and inflation crisis. I urge President Biden to join Energy and Commerce Committee Republicans on our agenda to secure cleaner American energy by saying ‘yes’ to flipping the switch on domestic production of cleaner oil and natural gas.”
Unfortunately, the Biden administration has only done the bare minimum to comply with a court order to ramp up oil and natural gas production on federal lands, while saying the quiet part out loud that they plan no increased drilling.
Meanwhile, Biden and fringe Democrats have resorted to price gouging claims, which experts have repeatedly rejected, and higher taxes instead of focusing on solutions like supporting stronger domestic production and the construction of critical energy infrastructure like the Keystone XL pipeline.
U.S. producers want to ramp up their output to supply American consumers with affordable and reliable energy, but hurdles remain, as shown again with gasoline prices hitting yet another record high.