Gas prices on Wednesday reached a record high for the eighteenth consecutive day.
The national average price of gas reached $5.039, according to GasBuddy. On Tuesday, gas prices were around $5.02 per gallon.
Wednesday represents the sixth consecutive day gas prices have averaged above $5 per gallon. Gas prices hit the $5 mark on June 9.
A JPMorgan commodities analyst predicted gas prices may increase to more than $6.00 per gallon before Labor Day.
The price for gas has increased during Biden’s war on American energy. Biden has driven up private and public financing costs of oil drilling, halted drilling on public lands, and canceled the Keystone pipeline.
In 2020, Biden promised to wage war on American energy:
According to the Energy Information Administration (EIA), Americans will pay $450 more for gas in 2022 than they did last year on an inflation-adjusted basis. “Motorists in the US are now spending nearly three quarters of a billion dollars more on gasoline every day than a year ago,” GasBuddy estimated.
On Wednesday, Biden sent a letter to Marathon Petroleum Corp., Valero Energy Corp., ExxonMobil, Phillips 66, Chevron, BP, and Shell, blaming them for the cost of gas.
“Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities,” Biden wrote. “I have directed the Secretary of Energy to convene an emergency meeting on this topic and engage the National Petroleum Council in the coming days.”
“In advance of that, I request that you provide the Secretary with an explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months — including transportation measures to get refined product to market,” the letter continued.
Follow Wendell Husebø on Twitter and Gettr @WendellHusebø. He is the author of Politics of Slave Morality.
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