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).
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