Gas Prices Hit 6-Month High, Spiking More than 50% Under Joe Biden

The nationwide average price for regular gas hit a reported six-month high of $3.60 a gallon on Tuesday, spiking more than 50 percent under President Joe Biden.

In the past month, gas prices rose more than 20 cents. They are over a dollar more expensive ($2.38) than when Trump left office.

Gas prices remain high and could go higher due to industry and political factors. Biden’s economic war on American energy independence during instability in the Middle East and in Ukraine are significant factors.

According to Goldman Sachs, gas prices could reach $4 by May, but “don’t be too surprised if you see $5 a gallon or more at the gas pump — if you’re not paying that much already,” Charley Blaine from the Street wrote Monday.

Forbes outlined the reasons why gas prices continue to rise:

The rise in prices coincides with several factors, including “extensive refinery maintenance” on the West Coast, as well as the transition to more expensive summer fuel blends, rising gasoline demand and high oil prices, according to Patrick De Haan, head petroleum expert at GasBuddy.

In the past month, the West Texas Intermediate—a national crude oil benchmark—has jumped just shy of 10% to $85 per barrel, a six-month high, while the international benchmark Brent Crude Oil has climbed nearly 10% in that time to a six-month high just below $90.

De Haan also attributes the spike to recent production cuts by OPEC producers Russia and Saudi Arabia, as well as lingering “geopolitical escalations in the Middle East,” though he added a potential cease-fire between Israel and Hamas could provide a “glimmer of hope” amid surging oil prices.

Drivers in the Golden State are already paying north of $5.50 a gallon for gas. “I can’t afford gas,” driver Jacob Luis told CBS News.

“I think the last time I remember filling up, I think that was two weeks ago or a week ago, was probably 50 cents cheaper, or close to 50 cents cheaper. I don’t know if that tracks, but at least in my area, it’s a lot more expensive here,” Nate, a California resident, told KABC.

“Ordinary people are paying the price, not just for global reasons, but more so for local reasons,” Dr. Sanjay Varshney, professor of finance at Sacramento State, said.