Gas prices are increasing across the nation at the fastest rate in several weeks, a phenomenon attributable to surging oil prices, according to data from AAA.
Americans are currently faced with national average gas prices of $3.76 per gallon, which follows a price surge of $0.13 in a single week after months of relative stability. Andrew Gross, a spokesman for the motor club federation, said in a press release that higher petroleum prices and constrained supplies have increased fuel costs.
“Gas demand, meaning people fueling up, remains tepid. It’s lower now than at this time last year and in 2021,” he said. “But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts. Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now.”
Oil prices recently saw their strongest rally since the Russian invasion of Ukraine: the Organization of Petroleum Exporting Countries, also known as OPEC, pledged to jointly decrease output, while Saudi Arabia implemented an additional voluntary production decrease.
Consumers in the United States have seen a precipitous rise in gas prices over the past two years amid the geopolitical tensions and new federal policies meant to combat climate change. Gas prices were $2.39 per gallon at the end of January 2021, the month when President Joe Biden assumed office, and increased as high as $5.01 per gallon in June 2022 before decreasing to their current levels, according to data from the Energy Information Administration.
Biden has been criticized repeatedly for asserting that the relatively lower prices, which are still 57% higher than those at the start of his tenure, decreased because of his policies. He claimed earlier this year that his administration has saved the typical two-car family $180 per month, adding more recently that broader inflation levels have also decreased because of his work.
“While there is more work to do, the plan that I laid out a year ago to bring down the cost of living and sustain stable and steady growth is working. We have taken action to bring down the cost of gas at the pump, prescription drugs, and health insurance premiums,” the statement said. “We are just getting started. My Investing in America agenda is rebuilding our infrastructure, manufacturing, and supply chains here at home, and creating good-paying jobs.”
Republican lawmakers have meanwhile accused Biden of limiting oil production through federal rules and other regulatory processes while seeking to catalyze a shift toward renewable energy. The commander-in-chief asked Saudi Arabia last year to increase petroleum output and has eased oil sanctions on Venezuela.
States which have discouraged fossil fuel production in favor of green energy have witnessed the most dramatic increases in gas prices over the past two years: California, where residents are faced with average prices of $5.00 per gallon, has the highest fuel costs in the nation.
