The Chevron station in Menlo Park, California, was pictured offering traditional gasoline to customers at $7.25 per gallon, with its higher-octane gasoline hitting $7.75 per gallon.
Gas prices are spiking across the nation at shocking rates. In California alone, gasoline has gone up nearly $2 per gallon over the last year. That number over the same period nationwide is $1.61, according to The Daily Wire.
The AAA national average of gas prices rested at $4.598 per gallon as of Monday, with California above an average of $6 per gallon – the highest in the nation.
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Throughout a Monday press conference in Japan, President Joe Biden oddly referred to the increase in gas prices as “an incredible transition” away from fossil fuels, the New York Post reported.
“[When] it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger, and the world will be stronger and less reliant on fossil fuels when this is over,” Biden announced after meeting with Japanese Prime Minister Fumio Kishida.
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“The price of gas at the pump is something that I told you — you heard me say before — it would be a matter of great discussion at my kitchen table when I was a kid growing up,” he went on.
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Nationwide, the price at the pump is $1.61 higher than it was one year ago.
On Sunday, industry analyst Trilby Lundberg of the Lundberg Survey announced that the price jump comes amid higher crude oil costs and tight gasoline supplies.
Biden and many Democrats have accused gas companies of price gouging, while Republicans announced the White House should support increased domestic oil and natural gas drilling.
“It’s really a supply and demand issue,” announced professor Richard Tarpey at MTSU.
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The supply of gasoline went way down throughout the worst of the pandemic in 2020 and 2021 because the demand just wasn’t there.
“Nobody was going anywhere. Nobody was traveling. During that time, of course, oil companies — they ramped down their production,” stated Tarpey.
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Yet then, as the pandemic began to lift, the roles reversed. Demand shot way up, but the supply of available gasoline was left empty.
“It takes a long time to start production again, so when you idle an oil well, it takes a while to start pumping that well again. And of course drilling new wells — that takes a lot of time as well,” stated Tarpey.
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