The average price for a gallon of gas is up 30 percent nationwide since November — from $2.20 to $2.85, according to AAA — and shows no signs of stopping, an expert warns.
The price topped $3 in nine states over the weekend, and some analysts believe $4-per-gallon gas is coming soon, The Washington Times reported Sunday.
Supply and demand is the biggest factor in the rise in prices, as the Organization of the Petroleum Exporting Countries announced it would keep its oil production cuts for another month despite the increasing demand for gasoline as the coronavirus pandemic eases worldwide.
While high gas prices are nothing new, there is concern that the prices could get astronomical if President Joe Biden and Democrats in Congress enact policies that would discourage the use of nonrenewable energy.
Myron Ebell of the Competitive Enterprise Institute’s Center for Energy and Environment told The Times that liberal policies to fight climate change would be a losing issue politically, but that may be a risk Democrats are willing to take.
“It’s also in their policy interest to have high gasoline prices … to convince people to get off gas-powered cars and transition to electric vehicles,” Ebell said.
“They really do want high gas prices, in a way, but they have to balance that against the political damage done when gas prices skyrocket.”
The decision by OPEC to keep production cuts at the same level,