Don’t expect relief at the gas pump any time soon.
Americans are paying record-high prices for fuel this Memorial Day weekend, dampening travel plans and keeping people at home.
Gas prices usually spike around Memorial Day, with warm weather spurring Americans to drive longer distances for vacation.
Saturday’s AAA average for national gas prices was $4.60, with those living in California paying a whopping $6.10 for a gallon of gas.
The average price just one year ago was $3.04, and even that was a bump in price compared to former President Donald Trump’s tenure.
A petroleum analyst quoted by CNBC predicted the sky-high prices would convince many Americans to abandon their Memorial Day vacation plans.
“I don’t think as many people are going to hit the road, and if they do, I think a good portion are going to be staying close to home,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“There definitely should be a noticeable bump, but my impression is people are not driving as far.”
The situation could get even worse.
The holiday often results in a yearly high in the price of the gas, but low supply failing to meet demand could drive prices even higher in July and August.
“I think we’ve seen the most violent price moves until July … July will be the top demand month,” Tom Kloza, global head of energy analysis at OPIS, told CNBC.
Some economists are predicting that the national average price for a gallon of gas could reach $5.
Under President Joe Biden’s energy policies, domestic energy production has not offset the global petroleum crisis.
Russian President Vladimir Putin’s invasion of Ukraine cut off the supply of Russian energy to European consumers, but gas prices were rising in Europe and America well before that.
Biden has pointed to the crippling gas prices as part of his desired “transition” away from fossil fuels.
Joe Biden: “When it comes to the gas prices, we’re going through an INCREDIBLE transition” pic.twitter.com/8TGnc7vFa8
— RNC Research (@RNCResearch) May 23, 2022
Biden has canceled outstanding oil and natural gas leases on federal lands, further tamping down investment in production that’s already lagging.
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