'All the ingredients are there to hit $4 bucks a gallon.'
President Joe Biden said gas prices should be 10 cents lower now after seeing this year the surging price of gas at the tank. The President also looks ahead to 2022 to try to get his Build Back Better on track.
Gas prices will soar higher as a result of warmer weather, summer travelers boosting demand and the blending of summer gasoline, Patrick de Haan, GasBuddy head of petroleum analysis told ""All of the factors are going to point to an upward trajectory when we start seeing the transition, warmer weather, refineries doing maintenance," he said. "All the ingredients are there to hit four bucks a gallon.
The current national average price of regular gas is $3.35 per gallon, a full dollar more than prices were in 2020, according toMeanwhile, Democrats are proposing to temporarily scrap the federal gas tax which de Haan doubted would make much of a difference in states like New Jersey where prices at some pumps are exceeding $5 a gallon. "We’re going to see a lot higher prices in the months ahead," he said. "Even if the Democrats do go ahead and give us a whopping 5% coupon.
Crude oil has also hit a seven-year-high amid tensions between Russia and Ukraine. Former Trump Interior Secretary Ryan Zinke blamed flaring foreign crises on Biden’s energy policy Monday on"There’s consequences of… not being in a position where we can leverage our energy resources," he said. "And Russia, at $90 a barrel, they can fund a lot of military operations from the high energy prices. And, unfortunately, we’re paying for it at home.
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