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Experts warn that rising gas prices could lead to further inflation as the 2024 election year continues.
Gasoline prices soar in America under Biden administration
„In some of the world's most important markets, increases in the two most consumed fuels are outpacing increases in crude oil.“ Yahoo News report. “U.S. gasoline futures prices have soared in recent weeks, rising by more than a fifth since the start of the year, and diesel prices in Europe are up 10%. Refiner profits are also rising in many regions. This is above seasonal norms, a sign that the peak summer travel season is approaching.“
“Fuel production disruptions, combined with planned operations, unplanned outages, and drone attacks on Russian facilities, are driving up prices,” the magazine continued. “Transportation costs are rising on top of rising shipping costs due to Houthi attacks in the Red Sea and drought in the Panama Canal, as well as supply chain disruptions caused by sanctions imposed on the Kremlin by Western countries. There is.”
Mukesh Sardev, head of oil trading and downstream research at Rystad Energy AS, warned that premium gasoline prices could reach multi-year highs this year.
„If that happens, there's not much President Biden can do before the election,“ he explained. „Strategic oil reserves are small and there are few levers the U.S. government can use to lower gasoline prices.“
Current gasoline prices in the US
The average price at the pump in the United States is now 60% higher than it was at the beginning of November 2020, a fact that could have a major impact on how Americans vote. Domestic stockpiles of gasoline and diesel-type fuels are also well below seasonal norms, resulting in a smaller supply cushion than usual.
Nerd wallet As of March 7, the average price of regular gasoline in the United States was $3.397 per gallon, about 8 cents higher than last week's average and the highest national average price since November. Current gas prices are up 25 cents from last month's average of $3.148 a gallon, and the national average is up 31 cents so far in 2024.
Moody's Analytics found last month that rising gas prices could hurt President Joe Biden in the election later this year.
„Biden enjoys some tailwind from the year-over-year decline in gasoline prices, but expected price increases in late 2024 will erase much of that benefit,“ Moody's wrote. the hill. „That said, oil prices are particularly difficult to predict, and if prices significantly exceed expectations, the damage to Biden's re-election could quickly mount.“
Moody's added that former President Donald Trump would win the election if prices rose to $4 a gallon.
Related: Check out Communism: Cuba raises gas price to $20 a gallon
States with the highest gas prices
Fox living in the present According to the report, the top 10 states with the highest gas prices are:
- California ($4.88)
- Hawaii ($4.70)
- Washington ($4.20)
- Nevada ($4.11)
- Oregon ($3.93)
- Illinois ($3.72)
- Alaska ($3.70)
- Arizona ($3.57)
- Michigan ($3.56)
- Pennsylvania ($3.52)
All of this shows what an economic nightmare it is to live in Biden's America. It will certainly be interesting to see how this impacts the presidential election as the year progresses.
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