Gas prices in Tennessee have once again hit all-time highs, as the Biden administration struggles to control rising prices at the pump and elsewhere.
According to the American Automobile Association (AAA), the average price per gallon of gas in Tennessee reached $4.12, the highest ever recorded Tuesday. A year ago, a gallon of gas in the state averaged $2.71.
Gas prices in Ohio are inching toward record highs, dramatically impacting residents of the state.
According to the latest numbers from the American Automobile Association, the average price of gas in the state is $4.092 per gallon. The current record in the state is $4.159, which was achieved in 2011.
Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
Nearly a month after the Russian invasion of Ukraine, for which Democrats blame skyrocketing gas prices nationwide, gas in Ohio remains at more than $4.00 per gallon on average.
According to the American Automobile Association (AAA), the average price for a gallon of gas in Ohio has climbed three cents in the past week, from $4.01 per gallon to $4.04 per gallon. That’s only about 10 cents less than the state’s record high of $4.15 per gallon, recording in May of 2015.
The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.
Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
As the economy began to reopen this year and the demand for fuel increased, President Joe Biden, through executive order, halted and restricted oil and gas leases on federal lands, stopped construction of the Keystone Pipeline, and redirected U.S. policy to import more oil from Organization of the Petroleum Exporting Countries and Russia (OPEC+) instead of bolstering American oil and gas exploration and production.
Gas prices are falling all over the country as oil prices tumble, yet prices are still relatively high in California, where environmental polices are restricting how oil refineries can produce gasoline.
The price of a gallon of gas has plummeted in Ohio to around $1 in part because Americans are self-isolating to avoid spreading the novel coronavirus. The average price dropped 35.1 cents over the past month, according to data from the AAA and Oil Price Information Service.
A BP station in Kentucky, for instance, posted a price below $1 a gallon, The Washington Post reported Thursday. Four other stations in Oklahoma City followed suit, along with another in Paris, Tennessee. The national average for gas on Thursday was $2.03, down from $2.41 at the beginning of March.