Rising oil prices are heating things up not just for consumers.
Summer’s on the horizon, and usually, that means road trips, vacations, and a whole lot of driving, right? Well, maybe not this year – oil markets are already showing signs of high prices, and this could make our summer plans a bit more expensive than we’d hoped.
Gas prices have climbed 14% since January.
It’s only April.
Bidenflation continues to take its toll on your personal pocketbook.
— Sen. Marsha Blackburn (@MarshaBlackburn) April 11, 2024
This is also a big deal for President Biden. There’s a strong link between how people feel about the price they pay at the pump and how they view the president’s performance, which is already terrible. As gas prices rise, approval ratings tend to dip especially since Biden’s war on American drilling.
Over the last month, gas prices have jumped by 24 cents per gallon, reaching an average of $3.63. And as we all hit the road more in the summer, those prices could climb even higher. Not only does this affect our wallets directly every time we fill up, but it also makes it tougher to manage overall inflation – basically, the cost of everything we buy.
Which means there goes food prices.
Average U.S. #gasprices inched up to $3.63/gal overnight, and are 4c/gal higher than a year ago. They’re remained on the edge of YoY increases now for the last month or so.
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) April 10, 2024
But why are oil prices going up in the first place? A big part of the story is the tension in the Middle East. Any crisis there can make oil prices jump because of fears about oil supply. And recently, an attack by Israel on an Iranian compound in Syria has everyone on edge about what could happen next.
The White House might be stepping up efforts to talk to oil-producing countries and find ways to keep oil flowing and prices in check. There’s even talk about releasing oil from the Strategic Petroleum Reserve to help ease prices if they hit that painful $4 per gallon mark.
