Gas prices have reached an incredible 7-year high under President Joe Biden and as experts say, there is no relief in sight.
As of July 4, the national gas price average had risen to $3.13, nearly one full dollar more than July 4, 2020, when the average nationwide price was just $2.17, according to AAA.
According to energy expert Patrick De Hann, who works as the head of petroleum analysis at GasBuddy, gas prices nationwide are forecasted to remain at high prices through the summer months and into autumn.
Speaking on Fox Business last week, De Hann said gas prices traditionally rise during the early summer, but decline by mid-August. He said that will not happen in 2021.
So when will gas prices finally drop below $3.00 per gallon nationwide on average? That may not happen until almost winter, De Hann predicted.
“Instead of seeing prices maybe back down to the mid or upper $2 [range], it may be a push to drop back under $3 per gallon — if that happens,” De Hann said. “Since we’re still going up [in price], it’s a question of when we will probably get back under $3 [per gallon]. I think that should happen, but it may happen more in October than September.”
But De Hann added an important point: hurricane season is upon us.
“Keep in mind, too, with the prime of hurricane season now around the corner, there’s so many potential disruptions that could make gas prices even higher,” he warned.
De Hann attributed Biden’s admission push to “go green” to the spiking gas price.
“Down the road, absolutely, the Biden administration’s push to go green will probably have more of an impact,” he explained.
“Since last November 3, the average price per gallon of regular gasoline in the U.S. has skyrocketed by 75 cents. The markets clearly see the Biden/Harris administration as one that will work to inhibit U.S. oil production, which will also have the effect of tightening the global market, and traders have responded by driving up the price of crude oil,” Blackmon wrote in March.
President Biden’s Day 1 executive orders to cancel the cross-border permit for the Keystone XL pipeline and suspend the program for oil and gas leasing on federal lands and waters were just initial shots across the bow. His order to raise the estimate for the “social cost of carbon” by over 700% will inevitably result in regulatory actions that will raise the cost of producing oil in the U.S., as will the coming effort by the Biden EPA to convince the courts to allow it to regulate carbon as a “criteria pollutant,” a topic I’ll address in more detail in the coming days.
All of these actions and more to come will increase the costs of not just oil and gasoline, but all forms of non-renewable energy for consumers, will make the country increasingly reliant on foreign oil imports, and thus will render the country less energy secure than before. These outcomes are entirely predictable and are in fact features of the Biden/Harris plan, which is in part designed to make EVs and renewables more competitive by raising the cost of fossil fuels and other more traditional forms of energy. That’s not a value judgment: it’s just reality.