Gas prices under the Biden administration have continued to rise. The national average has had a 20.8% increase since the end of January, and this week could reach the average price of $3.00 per gallon.
In March, Senator Rick Scott (R-FL) warned about rising gas prices. He recalled that during Donald Trump’s administration there was a rise of only $0.54 per gallon. Scott also warned about the consequences that the situation would have on the economy of American families, specifically in Florida.
“Biden’s policies are already making life more expensive for families and businesses in Florida and we know that he, Senator Schumer, and Speaker Pelosi will raise taxes the first chance they get.” the Republican senator said on Twitter.
The situation would be generated due to the measures taken by Biden related to climate regulations and the partial bans on fracking. According to industry experts, this increase will affect more Americans returning to their offices as vaccination progresses, because there will be a higher demand.
Oil and gas prices
Last week, the price of Texas Intermediate Crude Oil (WTI) closed with a 3.9% increase to 61.45 dollars following the decision of the OPEC+ alliance to pump an additional two million barrels per day (mbd) of crude starting in May, according to EFE.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in May were down 2.29 dollars from the previous day’s close.
Gasoline contracts expiring in May, the new reference month, added 6 cents to 2.02 dollars a gallon, and natural gas contracts for delivery in the same month rose 3 cents to 2.64 dollars per thousand cubic feet.