Gas prices are now more than double what they were when President Joe Biden took office just 18 months ago.
According to travel agency AAA’s gasoline tracker, the national average for a gallon of regular unleaded fuel hit a new high of $4.87 on Monday, a 101% increase from $2.42 during of Biden’s inauguration in January 2021. Diesel prices also hit a new high. on Monday at $5.65 a gallon.
Speaking in Japan last month, President Biden celebrated high prices as “an incredible transition” while increasing his push for the Democrats’ energy agenda that prioritizes cutting out oil and gas production.
“When this is over, we will be stronger and the world will be stronger and less dependent on fossil fuels,” Biden said.
As gasoline prices approach a national average of $5 a gallon, which could happen within days, JPMorgan Chase analysts expect an average of $6.20 a gallon by august. California residents are already there, paying an average of $6.34 a gallon to fill their tanks.
At the same time, Americans are facing the fastest rate of rising inflation in four decades. According to the Department of Labor, overall prices rose 8.3% from a year ago and energy prices rose more than 30%. Prices are only expected to continue to rise as high energy costs, particularly for diesel, translate into higher prices across the economy due to increased spending on transportation and production.
Last week, Gallup revealed that Americans’ confidence in the economy is at its lowest point since 2009 after being shocked by daily record high gasoline prices for most of May. The trend only continued in June, with much higher price increases after Memorial Day than last month.
The Wall Street Journal reported on Thursday that coal prices are now on the rise after the capital-intensive industry faced similar investment hurdles to oil and natural gas due to their nature of fossil fuels. As demand for electricity roars during dry summer heat waves, the North American Electric Reliability Corporation has warned that Americans across the country will face power outages.
Despite skyrocketing energy prices, which is largely a consequence of the administration’s enthusiastic confiscation of the energy dominance inherited from the Trump White House, Biden announced a major effort to promote solar power little reliable replacement for coal, oil and natural gas on the power grid. The president invoked the Defense Production Act to manufacture new panels while waiving import duties on solar supplies for 24 months. Last month, CBS News revealed that Biden had canceled more oil and gas projects in Alaska and the Gulf of Mexico.
Tristan Justice is the Western correspondent for The Federalist. He has also written for The Washington Examiner and The Daily Signal. His work has also been featured in Real Clear Politics and Fox News. Tristan is a graduate of George Washington University where he majored in political science and minored in journalism. Follow him on Twitter at @JusticeTristan or contact him at [email protected]