Opinion
Experts warn that surging gas prices could worsen inflation during the ongoing 2024 election year.
Surging Gas Prices In Biden’s America
U.S. gasoline futures have risen by more than a fifth this year, while diesel in Europe has increased by 10%. Interruptions in fuel production, higher shipping costs, and supply chain issues are contributing to the price surge.
Mukesh Sahdev of Rystad Energy AS warns that premium gasoline prices could reach a multi-year high in 2024.
Biden faces challenges in lowering gasoline prices due to low strategic petroleum reserves and limited government intervention options.
Related: Gas Prices, Mortgage Rates Tick Up As Americans Remain Concerned About Economy
Current Gas Prices In U.S.
The U.S. average gasoline pump price is now 60% higher than in November 2020, potentially influencing voter decisions. Stockpiles of gasoline and diesel fuels are below seasonal norms, reducing the supply cushion.
On March 7, the average national regular gas price was $3.397 per gallon, 25 cents higher than the previous month’s average. Gas prices have increased by 31 cents since the beginning of 2024.
Moody’s Analytics suggests that rising gas prices could impact Biden’s re-election bid later this year, with former President Trump potentially benefitting if prices reach $4 per gallon.
Related: Let’s Check In On Communism: Cuba Raising Gas Price To $20 A Gallon
States With Most Expensive Gas Prices
Top ten states with the most expensive gas prices:
- California ($4.88)
- Hawaii ($4.70)
- Washington ($4.20)
- Nevada ($4.11)
- Oregon ($3.93)
- Illinois ($3.72)
- Alaska ($3.70)
- Arizona ($3.57)
- Michigan ($3.56)
- Pennsylvania ($3.52)
The economic challenges in Biden’s America present a bleak picture, impacting the upcoming presidential election.
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