The average price per gallon of pumped gasoline soared nearly 30 cents during July, according to AAA data, a rise that could complicate President Joe Biden’s 2024 election strategy. have a nature.
The average price per gallon of pumps is now just under $3.83, up from just over $3.53 a month ago. according to to AAA. Gasoline prices have risen to their average level since October 2022, according to the AAA, and rising prices could become a political issue for Biden as the 2024 election cycle heats up. There is
Gasoline prices are on average higher this August, but still lower than this August 2022. At the time, Americans were paying just under $4.07 a gallon for gasoline after the average price hit an all-time high of just over $5.01 a gallon. It will reach the gallon in June 2022, according to AAA. In the first week of August 2020, about five months before Mr. Biden took office, the national average price hovered around $2.18 a gallon. according to to AAA. (Related article: ‘Bidenomics’ is throwing trucking industry off track, economists say)
Report: Oil Released by Biden from US Strategic Stockpile Ended up in Chinahttps://t.co/lAnC1scJ9V
— Daily Caller (@DailyCaller) July 6, 2022
July’s surge could intensify as planned OPEC+ production cuts, led by Saudi Arabia and Russia, take hold in international markets. Summer temperatures also contribute to increased energy demand. according to to the U.S. Energy Information Administration.
Last year’s soaring prices became a major political issue for Mr. Biden. While Americans are absorbing the impact in their pockets, Republicans are blaming the Biden administration’s environmental policies. Biden appears to be relying heavily on “Bidenomics” as a campaign pitch for the 2024 election, but a rebound in energy prices could complicate his strategy as Election Day approaches.
Mr. Biden chose to release tens of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) in 2022 to curb gasoline price spikes ahead of that year’s midterm elections. SPRs are typically intended to serve as supplies in times of war or national emergency, but it could take “decades” from Biden’s decision to replenish to peak levels.
The Biden administration last week chose to delay restocking the SPR, citing high oil prices and unfavorable market conditions. Higher oil prices threaten to exacerbate inflationary pressures that continue to plague the US economy, as higher energy prices typically spill over to other sectors by raising the cost of transportation and production processes. according to to the Wall Street Journal.
The White House did not immediately respond to a request for comment.
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