Analysis Explains Why Gas Prices Are on the Rise Again
Gas prices are on the rise again and an analysis is explaining why that is. Earlier this week, AAA published an analysis pointing out drivers appear to be traveling more amid the milder weather. Due to the demand for…
Gas Prices are on the rise again and an analysis is explaining why that is.
Earlier this week, AAA published an analysis pointing out drivers appear to be traveling more amid the milder weather.
Due to the demand for gas and slightly more expensive oil, the national average for a gallon of gas has risen by 12 cents since last week, reaching the total of $3.42, according to AAA.
“The recent rising temperatures led to rising pump prices,” Andrew Gross, AAA spokesperson, said.
He added, “And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on Gas Prices at the moment.”
The analysis mentioned data from the Energy Information Administration showing demand for fuel increased from 7.56 million to 8.05 million b/d last week.
The national average today of $3.42 is a 33 cent-increase from more than a month ago and 10 cents more than in 2022, per AAA.
Still, the Biden administration appears to be touting lower Gas Prices.
White House Press Secretary Karine Jean-Pierre drew backlash after suggesting “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.”
President Joe Biden similarly made Twitter users angry by writing, “Gas Prices are down around $1.60 a gallon from their peak this summer – and my Administration will keep working to lower costs for American families.”
Republicans received more criticism on Tuesday as Democrats on the House Energy and Natural Resources committees slammed their bill to limit releases from the Strategic Petroleum Reserve.
“There are too many contingencies in the world today, whether it’s war, supply chain problems natural disasters to irrationally tie the hands of our commander in chief,” Rep. Kathy Castor (D-Fla.), said.
She added, “This Republican bill also would open up areas to drilling and pollution that should be off limits.”
House Energy and Commerce Committee ranking member Rep. Frank Pallone Jr. (D-N.J.) called it “hypocritical because releasing oil from this probe has been done by presidents of both parties for decades. I’ve been here for 30 years, and they’ve done it on both sides.”
He added, “So Republicans had no problems with it when they went there.”
The Biden administration previously announced a release of 1 million barrels a day after Russia’s invasion of Ukraine led to an increase in Gas Prices.