During Joe Biden’s presidency, gas prices fluctuated between $2.39 a gallon to over $5.00 in June 2022. This was mainly due to the fact that the lockdown was lifted, meaning the demand for gas was very high. On top of this, the Russia-Ukraine War drove prices up $1 alone.
States like California, New York, and Texas would see prices up to $6.00 during the insane gas surge of 2022, but for the first time since then, $4.00 a gallon is the norm.
What’s causing this?
Due to the ongoing war in Iran, gas prices have increased by over 40%, and it’s only the beginning of April. This problem is mainly driven by the fact that the war halted shipping through the Strait of Hormuz Closure, which is responsible for taking roughly 10 million barrels of oil a day to places all around the world.
Pipelines are being destroyed, infrastructures are being destroyed, and so instead of “helping the country of Iran,” Trump is really just causing the largest supply disruption in the global oil market’s history.
What this means
The longer this war goes on, the more oil that could be cut off to not only the United States but other European and Middle Eastern countries as well. The average price in California right now, is $5.89 per gallon, which is nothing compared to a lot of European countries. Hong Kong’s is $15.37, Norway’s is $10.37, Denmark’s is $10.03, and many countries are running out of it fast – citizens are starting to struggle paying for it. Due to America’s lower fuel taxes, our prices are lesser than most of these big countries, but that doesn’t mean they won’t get close.
