Biden announces investigation into high gas prices
Last updated on July 18th, 2023 at 02:00 pm
Have you heard that the median price for a gallon of gas is now under $3.00/gallon? Probably not, because no one is talking about it.
Gas prices now:
According to AAA, gasoline demand grew before Christmas, but the price continues to fall. These numbers were published on 12/22/22, “The national average for a gallon of regular gasoline has fallen by four cents to $3.10. According to new data from the Energy Information Administration (EIA), gas demand increased from 8.26 to 8.71 million b/d last week. However, the current rate is nearly 300,000 b/d lower than at the end of December 2021. Meanwhile, total domestic gasoline stocks grew by 2.5 million bbl to 223.6 million bbl. Increasing supply and low gasoline demand are pushing pump prices lower. As demand remains low and stocks rise, drivers will likely continue to see pump prices decrease through next year. ”
The last sentence important. Gas prices are going to continue to fall through 2023. Republicans criticized Biden for opening the strategic reserve to help with fuel and gas prices, but now the reserve is being replenished, demand is still lower than it was before, and the domestic gasoline stock is growing.
White House Chief of Staff Ron Klain tweeted in response to declining prices:
The corporate media continues to not care about the news when it is good. For months, the media claimed that gas prices would lead to the political demise of Biden and the Democratic Party, but it never happened.
Even Christmas couldn’t cause a spike in the price of gas. The bomb cyclone storm that hit 60% of the country and caused a holiday shutdown certainly helped to keep demand down, but in post-pandemic America where many people have gotten used to traveling less, the era of people being held hostage by the fossil fuel industry has been dealt a blow.
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