Under the Biden administration, gasoline prices have skyrocketed to a 7-year high. Unfortunately, relief in gas prices is unlikely to occur anytime soon, including for the duration of the summer.
By July 4, gasoline prices rose to $3.13, or nearly $1 above the average price on July 4, 2020. At the same time last year, the average nationwide price per gallon of gasoline was only $2.17.
Patrick De Hann, an energy expert and the head of petrol analysis at GasBuddy, has observed that gasoline prices are likely to remain high throughout the summer and well into the fall.
During a recent appearance on Fox Business, De Hann noted that gasoline prices are typically higher earlier in the summer, though they tend to decline by the middle of August. However, this pattern is unlikely to occur in 2021.
De Hann observes that it just might be “a push to drop back under $3 per gallon,” rather than “seeing prices maybe back to the mid or upper $2 [price per gallon].”
The energy expert does believe that gas prices will lower, but they will be more likely to do so in October rather than September.
However, De Hann also warned of a major risk factor that could reduce the chance of lower gasoline prices in the fall, which includes the hurricane season.
Since “the prime of hurricane season” is just “around the corner,” De Hann observes that numerous possible disturbances and disruptions could result in gasoline prices spiking even higher.
In addition, De Hann was also questioned as to whether or not Biden’s “go green” policies have contributed to the escalating gas prices. While De Hann notes it is a bit soon to remark definitively on whether or not Biden is to blame, he adds that if gasoline prices continue to escalate, it will be clear where the fault lies.
As detailed by De Hann, “down the road, absolutely, the Biden administration’s push to go green will probably have more of an impact.”
In general, gas prices tend to increase each summer for various reasons, as noted by David Blackmon, another oil export, in a Forbes article. However, Blackmon also noted that the policies of the Biden administration have been a major factor in the elevated gasoline prices.
Blackmon observes that the average price per gallon of gas in America has increased by 75 cents since November 3, which indicates that the markets perceive the Biden administration as one “that will work to inhibit U.S. oil production,” which would result in tightening across the global markets. As a result of this tightening, traders have subsequently driven up the price of crude oil.
He also added that the Biden administration’s emphasis on renewables and EVs has also led to rising fossil fuel costs, as alternative forms of energy become “more competitive by raising the cost of fossil fuels and other more traditional forms of energy.”
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