Gas prices reach ANOTHER high at $4.60 a gallon after Biden touts US ‘transition’ to clean energy
Prices at gas stations hit another record high Monday, the same day President Joe Biden discussed the “incredible transition” of the United States and the world away from fossil fuels.
The new national average is now just under $4.60 a gallon, the highest ever recorded by the American Automobile Association (AAA) gas price tracker.
The median price of gasoline is above $4 in all 50 states. Energy Secretary Jennifer Granholm said she is likely to stay there “throughout this year” during an interview with a local Fox affiliate.
As it grapples with rising costs, the White House is also bracing for turbulence in the cost of diesel fuel, which hit its own record high last week.
The administration is weighing an emergency declaration to release diesel from a seldom-used reserve in a bid to address a major supply shortage and a sharp increase in prices, an administration official said.
Fuel costs had already risen as the economy recovered from the COVID-19 pandemic, but soared as Russian President Vladimir Putin’s invasion of Ukraine threw the global energy supply chain into chaos. at the beginning of this year.
The president’s strategy to combat the surge, which he called “Putin’s price gouging,” has largely been to emphasize the need for a faster transition to green energy.
“When it comes to gas prices, we’re going through an incredible transition that’s happening, that God willing, when it’s over, we’re going to be stronger and the world is going to be stronger and less dependent on fossil fuels,” Biden said. . , referring to a possible change in Russia’s status as one of the world’s leading energy providers.
President Joe Biden said the Russian invasion of Ukraine forced the world into an “incredible transition” away from reliance on fossil fuels.
Meanwhile, the national average price of a gallon of gasoline in the US is 51 percent higher than the same period last year.
The new record of nearly $4.60 a gallon beats the previous benchmark set Sunday when gasoline was just above $4.59 a gallon.
‘What I have been able to do to prevent it from getting worse, and it is bad, the price of gasoline at the pump is… affecting many families.’
After announcing a ban on all Russian energy imports, Biden in late March ordered the historic release of a historic one million barrels of oil per day for six months from the country’s Strategic Petroleum Reserve in a bid to stabilize prices.
He also criticized US oil and gas companies for raising prices and called for consequences for US energy producers who have unused drilling leases.
But those initiatives haven’t stopped prices at the pump from hitting a new high, surpassing the previous record set Sunday of $4.59 a gallon.
That’s about 51 percent higher than the same period last year.
Coastal states appear to be the hardest hit: California hit a new statewide average of about $6 a gallon.
New York, Oregon, Washington and Alaska are also among the states that will see record gasoline prices on Monday.
Diesel fuel, an alternative to regular gasoline that provides more power and mileage per gallon, saw its national average price hit a new benchmark last week on May 18.
Gasoline prices over $6.00 per gallon are displayed at a Chevron gas station on May 20, 2022 in San Rafael, California
The price of regular gas is $4.79 at the 7-Eleven along Rt. 61 in Pottsville, Pennsylvania on Friday, May 20
The current average cost of diesel is $5.55. The record high for May 18 was just under $5.58.
Diesel is essential to the US economy, powering farms and the construction industry along with the trucks, trains and ships that help move goods.
Rising diesel prices will help fuel inflation, which has hit 40-year highs.
The cost of gasoline rose 43.6 percent in April from the same period last year, according to the Labor Department.
It’s likely part of why the White House is considering tapping into the Northeast Home Heating Oil Reserve, created in 2000 to help with supply problems and used just once in 2012 in the wake of Hurricane Sandy.
The impact of such a release would be limited by the relatively small size of the reserve, which only contains 1 million barrels of diesel.
Inflation hit a four-decade high in March, falling slightly in April to a still-massive high of 8.3 percent.
“We have tried this reserve option to get ahead of the problem, and we will not hesitate to use other levers at our disposal to support families and recovery,” a White House official said.
But for weeks, Republicans have called on Biden to increase the volume of domestic energy production to solve the gas price crisis.
Republican Sen. John Barrasso, the ranking member on the Senate Energy Committee, noted Monday that Democrats criticized Trump for “high gas prices” in 2018.
He unearthed an old tweet from Senate Democratic Leader Chuck Schumer attacking Donald Trump over gas prices on May 23, 2018.
‘In 2018, [Schumer] criticized the president for inaction in the face of high gasoline prices. The national average was $2.87/gallon. Today it is $4.59. [Retweet] if you support US energy expansion to help bring pump prices back under control,” Barrasso wrote on the platform.
‘Four years later, it’s even MORE important to push @POTUS to fight for lower gas prices. It’s time for more American energy.
His counterpart on the House Energy and Commerce Committee, Ranking Member Rep. Cathy McMorris Rodgers, wrote on the site: “Americans are paying the price for President Biden’s war on American energy.”
“It’s about time to #FlipTheSwitch in American energy production,” he said.