By Wendell Husebø
GasBuddy warned American consumers on Tuesday that gas prices under the Biden administration could return to $4 a gallon as early as May 2023.
The national average price of gas on Tuesday was $3.10, up about 70 cents since former President Donald Trump left office in 2021, according to AAA. In some parts of the nation, gas prices soared to over $7.00 in 2022.
Experts estimated the soaring price of fuel cost American workers an extra $5,520 in 2022. A Heritage Foundation study shows Americans have lost $4,200 in annual income since Biden assumed office.
Americans have lost $4.2K in income under Biden.
#Bidenflation is wiping out wages & all Biden and Democrats want to do is spend more.https://t.co/UbLWMAlgqV
— GOP (@GOP) September 25, 2022
“2023 is not going to be a cakewalk for motorists. It could be expensive,” GasBuddy’s head of petroleum analysis, Patrick De Haan, told CNN. “The national average could breach $4 a gallon as early as May — and that’s something that could last through much of the summer driving season.”
In recent months, gas prices declined from a $7.00 high earlier this year in part to a slowing economy and Biden’s decision to drain the Petroleum Strategic Reserve to a 40 year low.
Biden’s decision to drain the Strategic Oil Reserves comes amid an energy crisis brought on in large part due to the administration’s policies.
Gas prices will probably be significantly cheaper overall next year. Yet the national average could still climb back above the $4-a-gallon threshold as soon as May, according to GasBuddy projections shared exclusively with CNN. https://t.co/ZoEHdNCXg8
— CNN (@CNN) December 27, 2022
In the last two years, the Biden administration has succeeded in driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline. Biden’s 2020 presidential campaign promised to reduce oil drilling.
Biden’s soaring cost of fuel became politically unfeasible, as it tried to convince Americans to purchase expensive green products to avoid high fuel prices. The administration also approached Saudi Arabia to increase oil production projections just before the midterm elections.
In October, the New York Times reported a “secret deal to boost oil production” between the Biden administration and the Saudis to lower gas prices just before the midterm elections. Rep. James Comer (R-KY), the top Republican on the Oversight Committee, has launched an investigation into the Times report.
As Breitbart News reported in October, Biden was accused of “putting his own political interest ahead of the national interest by calling on the Saudis to hold off on cuts to oil production until after the midterms.” Trump was impeached for allegedly doing what Biden did.