As per the report of AAA travel agency countrywide tracker, fuel prices maintained their record-high trends on Wednesday, with the national average at $4.599 per gallon, up from $4.598 on Tuesday. Diesel fuel stayed at $5.54 per gallon on average, after reaching a high of $5.57 last week.
While normal gasoline is only a fraction of a cent higher than Tuesday, AAA’s tracker shows that prices are still rising as the country approaches Memorial Day, which is generally the peak in gas costs for the spring season. California citizens pay the highest gas prices, with an average of $6 per gallon. JPMorgan Chase analysts expect that the national average will surpass the California price by August.
President Joe Biden lauded outrageous gas prices as “an incredible transition” away from fossil fuels in Japan on Monday.
“[When] it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels,” Biden stated.
While the government pushes electric vehicles, which is a great victory for Beijing, the price of electric vehicles stays outrageously high for Americans who are dealing with hyperinflation at its fastest rate in four decades. According to Kelley Blue Book, the average cost of an electric car in December was more than $56,400. That’s $5,000 more than the average price of an entry-level luxury car in November, which was more than $51,300.
Despite daily record-high gas prices for more than two weeks, Biden is doubling down on a domestic energy plan that is driving up petrol prices and threatening the power system. Biden suspended oil and gas projects in Alaska and the Gulf earlier this month, as the country braces for blackouts caused by a lack of water and high temperatures stretching the grid beyond capacity, which could be deadly during summer heatwaves.
The preceding is a summary of an article that originally appeared on The Federalists