Gas prices broke all time records each day this week, hitting $4.58 per gallon on Thursday, 11 cents higher than Monday’s unprecedented price of $4.47 per gallon.
With the summer driving season ahead, Americans are bracing for higher prices, with little relief in sight, as experts predict gas prices will surpass $6 per gallon by August.
Meanwhile, the Biden Administration once again trotted out the excuse of “Putin’s Price Hike,” and called for tax hikes, while Democrat lawmakers pushed gimmicks that former Obama-Biden White House economic advisor Jason Furman slammed as “genuinely terrible ideas.”
Americans suffer as energy prices skyrocket.
- A single mom trying to fill up her minivan’s 20-gallon tank is spending more than $90 at the pump, while a construction worker filling up his pick-up truck is spending close to $165.
- Nearly two-thirds of Americans say rising gas prices have prompted them to cut household expenses, according to a recent survey.
- Skyrocketing gas prices will now cost the average American household an extra $2,000 per year. Just this year, Americans will spend $5,000 on gas, a 78 percent increase from a year ago.
The supply chain crisis is worsened by higher diesel prices
- The U.S. is particularly suffering from lower diesel supply–impacting shipping across the country.
- U.S. refineries are pumping out a million fewer gallons of diesel fuel with fewer refineries than before the pandemic, and the U.S. has not opened just one new oil refinery since 1977. National inventories stand at the lowest in 17 years, and prices for diesel have almost doubled in the last year.
- Meanwhile, the Energy Information Agency reported this week that East Coast jet fuel inventories declined the week ending April 8, “the lowest for any week since 1990.”
Democrats’ crackdown on American-made energy is the problem–it’s not a “Putin Price Hike.”
- President Biden canceled Keystone XL as his first act in office, and froze leases for new exploration.
- Last week, the Biden Administration canceled oil and gas lease sales in Alaska and the Gulf of Mexico.
- The Biden Administration also drained our Strategic Petroleum Reserve to its lowest level since 1987.
- Democrats’ “War on Energy” includes $145 billion in taxes on American energy companies, workers, and consumers, killing over 1 million jobs, raising fuel prices, and leaving America more dependent on foreign oil.
Democrats have no solutions, and are seeking to make this even worse.
- Energy Secretary Granholm claimed the “volatility in prices” is an opportunity to “accelerate” Democrats’ “Green New Deal” agenda.
- The Biden Administration has eased restrictions on E15 gasoline as a way to address high energy costs. But this won’t go into effect until June, will get five percent less fuel mileage, and will be sold at less than two percent of gas stations across the country.
- Democrats’ approach would increase reliance on Russian critical minerals and Chinese-manufactured batteries and solar panels.