[Photo Credit: By Tony Webster from Minneapolis, Minnesota, United States - Gas Pump, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=65977585]

Gas Prices Close to Hitting All Time High as Biden Economy Continues to Falter

As motorists head out this Labor Day weekend, gas prices are now reportedly nearing their all-time highs.

According to AAA, the national average price of normal petrol was $3.83 per gallon as of Thursday, when many holiday travelers were anticipated to begin their trips.

Federal data from 1990 reveals that Thursday’s price is barely below the Labor Day high of $3.84 per gallon set in 2012.

The nationwide average price of normal gas was 25 less at $3.58 per gallon on Memorial Day at the end of May. When millions of people traveled for the Fourth of July, the average price was even lower, at $3.55 per gallon.

Gas prices have risen as a result of a number of factors, including the reduction in oil supply by OPEC members like Saudi Arabia earlier this summer.

Beginning in July, the Saudis reduced their daily oil production by one million barrels, which helped to drive up the price of crude oil, negatively effecting gas prices.

Gas costs can even exceed the national average in some states.

According to AAA, average gas prices are over $4 or higher in eleven states, including California, Illinois, Washington, and Arizona.

Gas prices are likely to start coming up more frequently in political discourse as the 2024 election season gets underway, particularly related to the question about whether the Biden administration is responsible for the current high prices.

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