Prices records at the pump have once again begun their mountain climb all over the country as a result of increasing demand and rising temperatures.
Average gas prices across the country are currently sitting at $3.52 per gallon, as reported by data made public by the Energy Information Administration, highlighting a very fast run from a reading of $3.33 per gallon earlier this month and a $3.42 per gallon reading at the same time last year. AAA claimed in an analysis that the rising cost of fuel seems to correctly reflect the currently moderating temperatures and the ongoing changes throughout the oil market.
“The recent rising temperatures led to rising pump prices,” explained Andrew Gross, a spokesman for AAA. “And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment.”
Known for being the American benchmark when it comes to crude oil, West Texas Intermediate was sitting close to $73.00 per barrel near the start of the month; that metric surpassed $80.00 per barrel as of this past Wednesday. When it comes to the European benchmark, Brent Crude marked a jump from $77.00 per barrel to well over $86.00 per barrel over the same time horizon.
“Crude prices rose at the end of last week due to increased market optimism that crude demand may be more robust than expected this year,” explained the report from AAA. “In particular, the market believes that the re-opening of China’s economy, despite high coronavirus infection rates, will help to bolster global crude demand, while supporting elevated prices. For this week, crude prices could continue to climb if ongoing market optimism persists.”
As of writing, the most expensive markets for gas prices in the nation sits as California and Hawaii, where people are being made to deal with prices of $4.44 per gallon and $4.94 per gallon, respectively. Washington, Nevada, Alaska, Oregon, and Pennsylvania are also among the markets thought to be the most expensive; states that are currently seeing the most rapid week-to-week gas price increases are Colorado and Delaware, experiencing $0.31 and $0.28 price hikes, respectively.
The current national average of $3.52 per gallon sits at a 48% increase since the start of the Biden administration. Despite all of this, White House Press Secretary Karine Jean-Pierre made the claim on Monday that “House Republicans are using their narrow majority to force the American people to pay higher gas prices, just as big oil companies are amassing record profits.”
Official from the White House have also claimed that recent decreases in gas prices from their record level highs of over $5.00 per gallon are taking place because of policies set up by Old Uncle Joe. “Every month, the typical two-driver family saves about $120 at the pump compared to where we were in mid-June,” claimed Jean-Pierre back in October. “Every day, Americans save about $420 million at the pump compared to mid-June.”