Analyst: Gas Prices Could Hit $3 Per Gallon Soon, Biden's Policies Having a 'Profound Impact'
Gas prices across the country have been noticeably on the rise in recent weeks, and an analyst warns that it shows no signs of stopping.
Patrick De Haan, petroleum analysis for GasBuddy, suggested that President Joe Biden’s energy policies could bring the national average to $3.
“The Biden administration is going to have a profound impact on the oil and gas sector. A lot of Americans, of course, saying, you know, this is what we’re in the midst of, when right now it’s really the economy that’s pushing prices higher,” De Haan said Monday on “Mornings with Maria” on Fox Business.
“But like you said, in the future, absolutely, the limitations on new drilling could eventually become an issue,” he said. “And, of course, now we have this massive infrastructure plan and how to pay for it.”
“And, of course, you know, the potential is there, the federal gas tax hasn’t been touched since 1993. So motorists really need to be on alert for rising gas prices this year.”
De Haan said the average gas price “certainly could rub up against $3 a gallon” in the coming weeks.
The national average as of Monday is $2.87 per gallon, according to AAA.
Today’s national average is $2.87, which is more expensive on the week (+1 cent), month (+12 cents) and year (+94 cents). Because of the jump in demand, gasoline supplies tightened to the lowest level this year, and state gas prices averages saw major fluctuations. #gasprices pic.twitter.com/5negFfPOkw
— Marshall Doney (@AAACEODoney) April 5, 2021
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The gas price increases are largely the result of OPEC keeping production cuts that were in place last year and creating a major supply-and-demand issue.
De Haan is correct that other factors could keep Americans paying more at the pump as a more direct result of the current administration.
Last week was a mixed bag at the pump: half of the states saw #gasprices rise ⬆️ while the other half saw declines ⬇️. More on that and what’s to come on today’s blog. https://t.co/svfpPU1THf pic.twitter.com/ojz8JL0D1y
— GasBuddy (@GasBuddy) April 5, 2021
Biden already halted federal leases for oil and gas, and other ideas being floated could also be a burden on drivers.
Increasing the federal gas tax from 18.4 cents per gallon or adding a “vehicle miles traveled” tax could still be on the table for the administration.
If You Drive a Car, You Might Soon Be Paying Buttigieg’s ‘Miles Traveled Tax’ via @WestJournalism https://t.co/gCPAyEVABd
— Nicole⭐️⭐️?????? (@nsouthern95) April 1, 2021
Biden needs to be incredibly careful with his energy policies, as rising gas prices create a significant burden for nearly all Americans.
Biden’s moratorium on federal #oilandgas leases could threaten jobs and harm local economies, especially in the Gulf Coast. @LMOGA breaks down consequences of the ban and offers innovative, alternative solutions to combat climate change. Learn more. ⬇️ https://t.co/LFGBSY4juD
— Consumer Energy Alliance (@CEAorg) April 1, 2021
High gas prices especially hurt lower-income Americans, who do not need any more money taken out of their wallets during a time of hardship.
In this difficult, recovering economy, the United States needs to do everything possible on the policy side to ensure that gas prices do not rise even further, but Biden seems more concerned about keeping climate alarmists pleased than helping the average American.
This article appeared originally on The Western Journal.
