Biden’s October Surprise Is Even Higher Gas Prices, Experts SayJack McEvoy
Energy & Environment Reporter
October 11, 2022 9:18 PM ET
National gasoline prices will rise to over $4 a gallon due to growing fuel demand and the Organization of Petroleum Exporting Countries’ oil production cuts, experts told the Daily Caller News Foundation.
“The higher crude oil prices along with a general increase in gasoline demand will drive the gas prices at the gas stations higher,” Rohit Rathod, a senior oil market analyst at Vortexa, told the DCNF.
“They’ve chosen to go after the oil industry for war profiteering and price gouging while they are canceling pipelines and instituting drilling moratoriums,” Phil Flynn, a senior energy analyst at The PRICE Futures Group, told the DCNF.Nationwide gasoline prices will surpass $4 per gallon as oil prices spike thanks to rising winter demand and the Organization of Petroleum Exporting Countries’ (OPEC) heavy production cuts, experts told the Daily Caller News Foundation, endangering Democrats’ midterm hopes.
Gas prices across the country have been rising for nearly three weeks and may go up even further after OPEC and its Russia-led allies, together known as OPEC+, cut daily production by over two million barrels of crude oil on Oct. 5, causing crude oil prices to increase, experts told the DCNF. The nationwide average gas price sits at $3.92, which is 14 cents higher than the gas price on Sept. 29, according to AAA data. (RELATED: Top Oil Industry Groups Hammer Biden Admin’s Plan To Ban, Limit Fuel Exports)
“The price of crude oil is up about $10 over the last week as it became apparent that the group [OPEC] was contemplating a big cut,” Mark Finley, a fellow in energy and global oil at Rice University’s Baker Institute, told DCNF. “$10 a barrel is roughly equivalent to 40 cents per gallon at the gas station.”
The price hikes throw a wrench in Democrats’ midterm plans; the White House is desperate to keep gas prices low as it believes that prices at the pump heavily influence voters’ perception of the economy, Politico reported in May. At the same time, the Biden administration is attempting to blame oil companies for “price gouging” as price hikes at the pump may hurt the Democrats’ odds in the November midterm elections.
The Biden administration has released 155 million barrels of oil from the nation’s emergency stockpile since April to help lower high gas prices that were caused by supply constraints exacerbated by Russia’s invasion of Ukraine, according to the Department of Energy (DOE). Gas prices fell for nearly 100 days straight after peaking in June; however, they began rising again on Sept. 22.
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https://dailycaller.com/2022/10/11/biden-october-surprise-high-gas-prices/