Gas prices hit new record in US
Gas prices are rising in the US once again as the US keeps imposing sanctions on Russia over the Ukraine war.
US gas prices skyrocket to new highs on Tuesday, as the fight against inflation goes on, with all attempts at curbing the rising prices ending frivolously.
The average price of a gallon of gas reached $4.37, the American Automobile Association (AAA) said, rising above the last record of $4.33 reached on March 11.
"Gasoline and diesel (hit) a record high today" in data that had not been adjusted to remove inflation effects, said Andy Lipow, an analyst at Lipow Oil Associates.
Worldwide tensions and the global rise in crude oil prices have been driving up the cost of gas as "the world seeks to find alternative supply to Russian oil," he added.
Biden and his Vice President Kamala Harris, along with their pundits on American television, are telling US citizens to 'go green' and buy an electric vehicle, putting a band-aid on the core problem.
The record-high prices have been sparking outrage within the US, as they have reached a general 8.5% year-on-year price hike from March 2021. The situation and the outrage have pushed the Biden administration to make attempts at curbing inflation.
Biden on Tuesday assured Americans that his administration was "doing everything it could" to mitigate price hikes without hurting the economy.
Biden also reiterated that the United States would release one million barrels a day of oil from its emergency reserves to help drive down prices.
"Republicans have offered plenty of blame but not a single solution to actually bring down the energy prices," Biden said Tuesday as he tries to evade responsibility for the mistakes his administration made, such as the White House not opting to suspend the 18-cents-per-gallon federal tax to mitigate rising costs.
That would be "the quickest way to give the consumer some price relief," according to Lipow. "But other than that, there are very limited options that the administration can take to increase the supply of oil immediately and temper prices."
Projections show that gas prices will rise another 10 cents per gallon in the coming days, especially in light of the travel season kicking off in the summer in the country.
"We do anticipate very good demand as Americans take to the road having been stuck at home for most of the last two years," he asserted.
The status-quo and the US sanctions on Russia have weakened US citizens' purchasing power, causing fuel prices to soar in the country with US oil prices reaching their all-time high following a ban on Russian fuel exports.