Biden Raises Gas Prices?

Photo by Jean-christophe Gougeon on Unsplash

( – Gas Prices saw a sharp increase over the last week, as the national average gas price rose to $3.58. This marks an increase of three cents within one week.

AAA in their latest report noted that it is likely that the reason for this increase is the increase in oil prices to the mid-$70 range per baller.

Last week there was also a slight increase in gas demands across the nation from 8.76 to 8.86 million barrels a day. This data was included in a report by the Energy Information Administration (EIA). The domestic stock also decreased in the last week from 219.5 to 218.4 million barrels.

AAA pointed out in the report that as supplies decrease and demand increases it is likely that the price of gas is going to continue rising. Still, the overall demand for gas has remained low. Still, it is higher than what it had been in 2022 across the nation, with the exception of Texas, New Mexico, and the Gulf Coast. Industry experts have pointed out that the high temperatures in those areas are causing people to not travel out of their homes as much.

Overall, the increase in gas prices ranged depending on the state. In ten states their prices increased by more than 5 cents, and in South Carolina specifically the increase was the highest as the price rose by 15 cents.

The most expensive gas market was in Washington where the price was $4.92, followed by California at $4.89 and Hawaii at $4.68.

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