Economist Steve Moore values inflation and record gas prices.
Gasoline prices continue to rise and could soon reach $ 5 a gallon, a figure that has forced some Americans to rethink their leisure travel.
The national average price of gasoline rose five cents a night Monday through Tuesday and 10 cents since Saturday, now reaching a record $ 4.92 a gallon, according to the American Automobile Association.
Americans pay $ 1.87 more than just a year ago, when the price was $ 3.05, per AAA.
At the gas station. (iStock / iStock)
According to an industry expert, the price of a gallon of gasoline could touch or exceed $ 5.00.
Andy Lipow, president of Lipow Oil Associates, told FOX Business that the hurricane season could disrupt oil production, further raising the price of gas.
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“A major landstorm on the Gulf Coast, home to 15% of the country’s oil production and more than 45% of the country’s refinery capacity, could lead to a significant supply disruption that would send prices even higher, “Lipow said.
The hurricane season began on June 1 and lasts until November 30.
Summer travel and later high fuel demand could further affect the price, Lipow said.
As for the cause of the new record, economist Steve Moore said the still-rising price is the result of President Joe Biden’s “self-inflicted wounds.”
“This is the result of the policies that were implemented,” Moore continued. “These are self-inflicted injuries that are not the result of COVID. But in fact, since COVID is basically over, we should be seeing less inflation, better growth.”
GAS PRICES ARE THE RESULT OF BIDEN’S POLICIES, “SELF-INFLICTING WOUNDS”: ECONOMIST STEVE MOORE
“I would love for President Biden to say: we will work towards a break in the madness of climate change and we will continue to drill and get American oil and gas. I think this would start to drive down the price of oil,” he said on Monday. during an interview with Varney & Co. “I was looking at the graphs you showed on the show before, and it was amazing because, I think you said it was $ 4.45 a gallon for the national average for the price of gasoline, it was about $ 2.39 or so. “On the day Joe Biden took office. So do the math there. That means we’ve doubled the price of gas in 15 months.”
Gas prices have skyrocketed 50% nationwide over the past year. (Getty Images / Getty Images)
Speaking last month, Biden noted that the United States has “made huge strides” in recovering its economy, and credited its own policies, while blaming inflation and record gas prices on the pandemic. coronavirus and Russian President Vladimir Putin.
“I want all Americans to know that I am taking inflation very seriously and that it is my top national priority,” Biden told the White House on May 7th.
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“I want us to be clear about the problem,” Biden added.
President Joe Biden at the White House on December 27, 2021. (Kent Nishimura / Los Angeles Times via / Getty Images)
He continued: “There are two main causes of inflation that we are seeing today. The first cause of inflation is a once-a-century pandemic. Not only did it close our global economy, it launched the supply chain. and demand. completely out of play “.
“These supply challenges have been further hampered by the emergence of the Delta and Omicron viruses. And you’ve all seen it and you’ve all heard it,” Biden added.
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“Some of the roots of inflation are out of our control, to state what is obvious,” he also said.