"Gasoline prices rise when the world’s major economies run hot, and fall when they’re not," said Amy Jaffe, a global affairs professor at New York University. Prices had held near $3.50 for most of the year, but it may be a while before drivers see that level again, especially after an explosion forced the shutdown of the nation’s third largest refinery on Friday. “We will continue to work with producers and consumers to ensure energy markets support economic growth and to lower prices for American consumers.”īehind this rhetoric is the jump in the national average price for regular gasoline to $3.87 a gallon last week, up more than 30 cents in a month, according to the American Automobile Association. “We remain focused on prices for American consumers, and prices have come down significantly since last year,” a spokesperson for the White House National Security Council said in an email. That’s data the White House rarely trumpets since it contradicts Biden’s 2020 campaign pledge to end new drilling on federal land, something his administration has not done. The high mark during President Donald Trump’s term was 2.75 million barrels a day. In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. “Why won’t this President tap into our abundant energy resources here at home and bring down prices at the pump?” he asked. Tim Scott (R.-S.C.) railed last month on the Biden administration, which he asserted “has shut down energy production in America.” Nikki Haley has vowed to bring oil production back to the United States.Īnd Sen. In one campaign ad, former Vice President Mike Pence pretends to fill his pickup truck and blames Biden’s energy policy for “causing real hardship” for Americans, while ex-South Carolina Gov. That hasn’t stopped GOP White House hopefuls from lambasting Biden and his energy policies, including the green incentives included in the climate law he signed a year ago. Global forces, meanwhile, could cause pump prices to ease next year, with the Paris-based International Energy Agency forecasting that oil supply next year will outstrip demand. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. Instead, while the United States’ reliance on OPEC for oil imports has diminished, the country’s fuel market is still dependent on decisions made at the oil cartel’s meetings in Vienna - no matter how much oil comes out of U.S. oil production would drive prices down sharply and herald “the end of OPEC.” energy supplies would enable energy markets to “shrug off geopolitical shocks,” while Ed Morse, a long-time oil market analyst, foresaw in 2015 U.S. Wall Street Journal opinion columnist Walter Russell Mead predicted in 2018 that abundant U.S. It’s not the outcome that some experts had hoped for from the United States’ rise to energy superpower. “Biden’s people have to be watching this despite a stronger economy, which is an irony.” consumer blames whoever is in the White House” for high gasoline prices, Quincy Krosby, chief global strategist for financial advisory firm LPL Financial said in an interview.
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