Gas prices are once again rising—but don’t expect the establishment media to place the blame where it belongs.
Bloomberg has reported that gas futures in the United States have shown a significant rise of 20% from the beginning of this year. The media has attributed the increase in prices to various factors, such as scheduled maintenance works, unexpected outages in the supply chain, and drone attacks on facilities in Russia.
Mukesh Sahdev, head of oil trading and downstream research at Rystad Energy AS, has noted that President Joe Biden might be limited in his short-term actions to address this issue. According to Sahdev, “There’s not a lot President Biden can do in time for the election. Strategic petroleum reserves are low. He also added that the U.S. government has few options to significantly lower gasoline prices at the moment.
The oil reserves are low and the Biden administration has promised to replenish them, although it may not happen before 2025. The outcome of next year’s presidential election will determine its fate. One option that Biden could use to resolve the issue is by revisiting decisions on oil and gas leases in the United States, such as those in Alaska that the Biden administration canceled in September.
Since assuming office, President Biden has made a concerted effort to implement a series of environmental policies aimed at reducing the nation’s dependence on fossil fuels.
Biden’s policies are expected to have far-reaching economic implications, particularly for consumers, who may experience significant changes in fossil fuel prices. Further regulations by the Environmental Protection Agency on the oil and natural gas industry have also contributed to the current situation.
However, some news outlets, such as CNN, suggest that the increase in gas prices may be due to seasonal trends rather than policy decisions. For example, CNN reported, “Gas prices always rise at this time of the year,” highlighting that the increase up to March 7 was in line with historical averages.
Despite this, it’s important to note that gas prices have increased by 60 percent since November 2020. While recent increases may follow seasonal patterns, they add to the significant price rises Americans have been adjusting to over the past years.
