Oil and gas prices are surging, hitting highs not seen in at least seven years thanks to a combination of factors that have escalated over the past year since President Biden took over the White House.
Gasoline prices at the pump are topping $3 a gallon. The national average price is $3.31. That’s $1.07 more per gallon than Americans were paying a year ago.
Some analysts are blaming pandemic-related supply backups and Hurricane Ida. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the latest increase comes as the cost of crude oil rises and demand goes up in Europe where refineries are switching from burning gas to oil-based fuels.
“The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic,” Patrick De Haan, head of petroleum analysis for GasBuddy.com told Fox Business. “If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up.”
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