Published: March 7, 2022
By: Richard Moorhead
It’s absolutely unacceptable and ridiculous that it’s come to this.
Gas station geolocater GasBuddy has pinned American gas prices at a new, all-time record high on Monday.
The average nationwide price of a gallon of gas chalked up to $4.10, a price nearly double that which Americans paid during the presidency of Donald Trump.
The record prices are also buoyed by the largest single-week increase in American history.
Gasbuddy indicated that gas prices increased by a whopping 49.1 cents per gallon in the past week.
This smashed the previous weekly record spurred by Hurricane Katrina in 2005.
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“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious,” said Patrick De Haan, GasBuddy’s head of petroleum analysis.
“That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more.”
“It’s a dire situation and won’t improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months,” he continued.
“GasBuddy now expects the yearly national average to rise to its highest ever recorded,” De Haan concluded, in what amounts to devastating news for working Americans.
Prices of nearly $2.00 a gallon were commonplace throughout Trump’s administration, during which American natural gas production was permitted and accelerated.
The Biden administration is seeking to negotiate with oil-funded dictatorships Saudi Arabia and Venezuela to supply gas for American energy needs.
There’s little indication that Biden intends to increase American gas production, with extremist ideologues in his administration citing carbon pollution.
It’s unclear how importing natural gas from Venezuela and Saudi Arabia is better for the environment than domestic natural gas production.
Skyrocketing gas prices are similar to a regressive tax on working and middle class Americans, who are more likely to live in sparsely populated rural areas and drive to get to work.
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