Gas prices are now approaching $3 a gallon for our national average. And we could see $3.50 by Memorial Day weekend. Some states like California will for sure see $4 a gallon gas.
Why are gas prices going up so much? Sure demand is returning, but there is still 13% less demand than there was this time last year. The issue is oil supply. The United States shut down 2/3 of its oil rigs in 2020 because of the drastic drop in demand. It wouldn't be profitable to keep them all operational so they shut down rigs and laid people off. Now that demand has started to come back we have less supply. And the oil companies have yet to reopen any of the rigs closed down in 2020 due to uncertainty with future demand. They don't want to reopen any only to have another waive in the pandemic hit and have to close them down again. So they wait, all while enjoying near record profits again.
Gas prices is also one of the go to things for Republicans to point fingers at and blame democrats for. High gas prices are because of their policies according to them. And republican voters buy into this.
There is a lot of anger right now about the soaring price for gas, and it's all being pointed at Biden.
I just wish we has the same anger over high costs of living and food insecurities. But nope, that's just the way things are and aren't political. And trying to fix them is being radical.
Why are gas prices going up so much? Sure demand is returning, but there is still 13% less demand than there was this time last year. The issue is oil supply. The United States shut down 2/3 of its oil rigs in 2020 because of the drastic drop in demand. It wouldn't be profitable to keep them all operational so they shut down rigs and laid people off. Now that demand has started to come back we have less supply. And the oil companies have yet to reopen any of the rigs closed down in 2020 due to uncertainty with future demand. They don't want to reopen any only to have another waive in the pandemic hit and have to close them down again. So they wait, all while enjoying near record profits again.
Gas prices is also one of the go to things for Republicans to point fingers at and blame democrats for. High gas prices are because of their policies according to them. And republican voters buy into this.
There is a lot of anger right now about the soaring price for gas, and it's all being pointed at Biden.
I just wish we has the same anger over high costs of living and food insecurities. But nope, that's just the way things are and aren't political. And trying to fix them is being radical.