It’s been just about every day this week that we’ve set a new record high for gas prices in Biden’s America.
The average cost of a gallon of gas in Western New York is $4.58, according to the most recent AAA update on Friday. This is a 3-cent increase from Thursday.
However, there is presently a significant concern that the next big problem regarding gasoline is going to be a potential supply shortage.
The problem has been limited to pain at the pump, where a gallon of gasoline costs at least 50% more than it did this time last year.
The average price of gas in January 2021, the final month of former President Donald Trump’s presidency, was $2.41 per gallon, with some states reporting gas prices as low as $2 per gallon, but now all 50 states are charging people at least $4 per gallon for gas for the first time ever.
According to The Post Millenial, “Gas stations across the US are running out of fuel and in anticipation of an increase in gas prices, gas stations in the state of Washington are reportedly reprogramming pumps to include double-digit numbers in “price per gallon” as the current trend could put prices over $10.00.”
The current shortages are primarily connected to regular and premium gasoline mixes, but diesel shortages are beginning to emerge.
President Biden’s executive action temporarily banning new oil and gas leases on federal lands has been criticized by Republican lawmakers.
Because of court challenges to the restriction, the administration resumed new leases last month. Judge James Cain overturned the order, which the administration is appealing.
Here’s what Patrick DeHaan, head of petroleum analysis for GasBuddy, said:
“President Biden canceled the proposed sale of permits in Alaska. A lot of people that could immediately help. It really can’t because it doesn’t work that quickly. Not only would oil companies be fraught with challenges, political dissension, and angry Alaskans in doing that, but you have to remember the permit process takes years. Then you have drilling, exploration, and any oil that would come from the sale of leases today wouldn’t be online for at least a half-decade. It will make a difference down the road, but not today.”
Record-high gas prices are only expected to keep going up in the coming days.
DeHaan says Hoosiers will likely be seeing $5 per gallon gas soon.
“We’re already more than halfway there at $4.59. It may not be a great time to hit the road this summer with prices going up, but I do think we’ll see some relief eventually. I think the upward trend will be gradual. It won’t be every day, but it will likely be bigger chunks every week or two,” said DeHaan.
Russia’s ongoing war with Ukraine is also keeping oil and gas prices high because several nations are sanctioning Russia.
As fuel costs continue to rise, there hasn’t been a location that hasn’t been affected by the inflation.
GasBuddy says the average across Indiana is $4.55 per gallon. The cheapest gas in Indiana is in Tell City which is $4.09. It is $4.54 in Indianapolis, $4.58 in Fort Wayne, and $4.57 in South Bend.