The CubanAmerican Voice®

Bidenflation: Gas at 7-Year High

Bidenflation gas at 7 year highBidenflation: Gas at 7-Year High. The U.S. price of regular-grade gasoline is continuing to rise, with the national average hitting a seven-year high.

As of Oct. 27, the national average rose to $3.394 per gallon from $3.389 the previous day, and up from the month-ago average of $3.189, according to AAA.

“With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight,” AAA spokesman Andrew Gross said in a statement. “We haven’t seen prices this high since September of 2014.” 

Subscribe to our Newsletter

The nation’s top five most expensive markets were, as of Oct. 27: California ($4.56), Hawaii ($4.29), Nevada ($3.93), Washington ($3.87), and Oregon ($3.78).

San Francisco gasoline prices, which according to AAA on Oct. 26 averaged $4.73 for a gallon of regular unleaded, appear poised to hit an all-time record.

GasBuddy head petroleum analyst Patrick De Haan wrote in a tweet on Oct. 25 that gasoline prices in San Francisco were just 1.2 cents shy of a new all-time high.

“It will be the first city to set a new record high for #gasprices since 2012,” De Haan predicted.

The Biden administration has faced sharp criticism over rising gasoline prices, but it has “no immediate plans” to tap into emergency reserves or limit energy exports outside the United States, the Energy Department told CNBC this week.

The Biden administration’s chief plan to ease surging high gasoline prices was to persuade OPEC-plus to agree to boost production more sharply to reduce the supply crunch, but, so far, that plan has failed.

“There are limitations to what any president can do, as it relates to gas prices,” White House press secretary Jen Psaki told reporters on Oct. 22, adding that the administration was continuing to engage with OPEC-plus countries to boost supplies.

Earlier in October, OPEC-plus announced it would hold fast to the terms of an earlier agreement to boost oil production gradually—by 400,000 barrels per day (bpd) for the month of November—ignoring calls from the Biden administration to pump more crude.

Meanwhile, oil prices fell by around 1 percent on Oct. 27 after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States.

The U.S. Energy Information Administration (EIA) stated in its most recent short-term energy outlook that it expects retail gasoline prices to fall to an average of $3.05 per gallon in December, an encouraging sign for drivers hoping for relief at the pump.

At the same time, the EIA expects WTI crude oil prices to average $68.24 per barrel in 2022, down only slightly from $68.48 in 2021 and far higher than the $39.17 in 2020 and $56.99 in 2019.

Brent crude prices are forecast to rise to an average of $71.91 per barrel in 2022 from $71.38 this year, up from $41.69 in 2020 and $64.34 in 2019.

Tom Ozimek

Author: Tom Ozimek. Reporter.

Follow Tom Ozimek has a broad background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he's ever heard is from Roy Peter Clark: 'Hit your target' and 'leave the best for last.'

Read full article on THE EPOCH TIMES

Subscribe to our Newsletter


Economy gets better: Unemployment drops, jobs added

Economy gets better: Unemployment drops, jobs added. U.S. Adds 1.8 Million Jobs, Unemployment Drops to 10.2 Percent. The U.S. unemployment rate dropped from 11.1 percent to 10.2 percent in July, beating economists’ predictions even as many states ...

Trump Takes Executive Action to Provide Reduced Enhanced Unemployment Payment

Trump signs executive order to extend weekly unemployment pay. He signed a memorandum during a press conference on Saturday afternoon as the negotiations between the White House and the Democrats collapsed. The new payment will be $400 per week. T...

S&P 500 recovers all Covid-19 losses

 S&P 500 recovers all Covid-19 losses. S&P 500 Surges to New Record High, Wiping Out All CCP Virus Losses. The benchmark S&P 500 stock index, widely viewed as a proxy for the overall U.S. equities market, surged to close at 3,389.78 ...

US Firms Move Supply Chains Out of China, Explore Options Closer to Home

US firms moving out of China. US Firms Move Supply Chains Out of China, Explore Options Closer to Home, with Latin and South America gaining significant traction in recent months, according to a survey by Qima. WASHINGTON—The U.S.–China trade...

US spending and income skyrockets

US spending and income skyrockets. U.S. consumer spending and personal income both increased more than expected in September, with higher wages, growth in owner-operated business profits, and remaining pandemic aid contributing to the income boost...

Did you like it? Share your thoughts!