US gas prices rose due to an oil shortage seeing more than $5 per gallon in thirteen states affected by the hike. Expenses for the middle call will be $5,000 a year compared to 2,800 a year ago, remarked CNBC.
Fuel Price Hike
The national average is approaching $5, starting at $4.919 on Tuesday, up more than five cents from the day before. The national average is $0.30 higher than a week ago, $0.62 higher than a month ago, and $1 higher than a year ago, Sputnik reported.
The national rate has continued to rise by $0.30 in the last week, $0.62 in the last month, and $1.87 in the previous year.
Diesel is primarily used to move cargo and food and is at an all-time high, with a nationwide price of $5.684. Given the increased prices, folks are still loading up, AAA spokesperson Andrew Gross said in a remark. Drivers could change their daily driving behavior or lifestyle as a consequence of these premium costs at some juncture, but we're not there yet.
California has the nation's highest gas prices, at $6.37 per gallon. Nevada, which comes in second with $5.52, is a long way behind. Hawaii came in third at a median gas price of $5.48 per gallon. Also, thirteen states have high fuel costs than others.
Several states with over $5 are Oregon, Washington, Illinois, Alaska, Michigan, Arizona, Indiana, Massachusetts, and last, is New Jersey.
OPEC To Increase Production
OPEC+ declared that it would boost output to 648,000 barrels of oil in July and August, this is highly improbable to lower prices substantially as the industry gets ready for the European Union's punitive measures on Russian oil, which are set to go into action later this year.
Even the least expensive states in the country consider charging more than $4.00 per gallon. Georgia has the lowest prices in the country, with an average cost of $4.33 per gallon. Which is much more than even California was a year earlier.
President Biden has implemented price-cutting measures. He approved the release of 180 million barrels of oil from the strategic reserve in March. They publicly reprimanded oil and gas companies for artificially inflating their earnings. Even so, these attempts were only temporary, if at all.
According to CNN, White House Commerce Secretary Gina Raimondo conceded last Tuesday that the White House seems to have little authority over the cost of fuel.
According to a recent poll, the elevated cost of fuel could hurt Democrats in November. Gas prices, according to as many as 74% of voters, will be a significant determinant at the polls.
Only 27% of survey participants endorsed Biden's ability to handle fuel prices, noted NY Post.
Gas Prices as high as $5 or more in thirteen states are too much for motorists due to a flawed energy policy of Joe Bide adding this to his crisis.