Gas Prices Continue to Skyrocket With No Signs of Slowing

Gas Prices Continue to Skyrocket With No Signs of Slowing

Biden Admin Just Set Another New Record In US History

(TargetLiberty.org) – The Biden administration says it’s doing all it can to fight inflation. However, the changes seem to be taking far longer than expected. Last week, the average price of a gallon of gas passed $5 for the first time in US history.

When President Joe Biden took office, the average price of a gallon of gas was $2.39. In less than a year-and-a-half, that’s more than doubled. On Thursday morning, it hit $5. By that afternoon, it had fallen back slightly to $4.97, but since then it’s risen again. In Michigan, the state average is now $5.22, 87 cents up in just one month. In California, it’s a staggering $6.43. Even the cheapest state in the country for gas, Georgia, has an average price of $4.48.

Experts are pinpointing two main causes for the surge in gas prices. One is the Russian invasion of Ukraine, which has restricted supplies of crude oil. The other is the after-effects of the COVID-19 pandemic. At the height of the pandemic, oil prices fell, but now demand is rising fast and suppliers can’t keep up. The Biden administration’s extreme green agenda isn’t helping, either — one of the president’s first acts was to cancel the Keystone XL pipeline, which would have brought Canadian crude to US refineries.

For ordinary Americans facing record gas prices, the situation is bad. Unfortunately, it’s likely to get worse. Oil analysts at JP Morgan think the average could hit $6 a gallon by August. Should the administration scale back its green plans and focus on controlling the cost of living?

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