This year Americans saw record setting gas prices with the national average more than doubled from the rates they were when Donald Trump was in office, and now experts say we can expect those prices to hit an unprecedented $6 a gallon -or more – nationwide.
According to a projection from JPMorgan,
“With expectations of strong driving demand … US retail price could surge another 37% by August to a $6.20/gal national average,” Natasha Kaneva, head of commodities research at JPMorgan, said.
The estimated 37% expected rise comes after gas prices skyrocketed to a national average of more than $4.50 a gallon for the first time on Tuesday. That price was up about $0.50 from a month ago, and marked a “massive jump” from $3.04 a gallon on the same day in 2021, said Kaneva.
Not to mention, the summer before Biden took office Americans were paying $1.87 a gallon.
Many point to Joe Biden as the gas for the spike in gas prices as they started to rise just months after he took office and have continued into his second year in office.
Biden waged a war on American energy, cancelled the Keystone XL pipeline, prohibited oil leases on federal lands and most earlier this month Biden cancelled off shore oil leases in the Gulf and Alaska.
Furthermore, Biden dipped into the Strategic Oil reserves telling the American people that his mission was to reduce the cost of gas, however he quickly sent the millions of barrels of oil from the SOR to Europe.
Andrew Gross, a AAA spokesperson, said that it is the high cost of oil that is driving up the price of gas,
“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers. Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”
