Nation seeing its fifth straight week of increase.
According to data compiled by Gas Buddy, Americans are likely to see gasoline prices reach $4 a gallon and more. In the last month, the average price per gallon has risen 33.3 cents.
Patrick De Haan, head of petroleum analysis at Gas Buddy, said, “There appears to be little good news on the gas price front, with prices unlikely to turn around any time soon. Because of the surge in prices last spring, many refineries that had planned maintenance deferred maintenance until 2023. With the can kicked to this year, we may have similar challenges producing enough refined products to meet demand, especially with the European Union cutting off refined products from Russia starting February 5.”
After the Department of Energy began drawing down the Strategic Petroleum Reserve and selling reserve oil in compliance with President Joe Biden’s emergency order, the administration said last year that it could pursue additional releases from the SPR if it were warranted.
The reserve’s contents are more than 41% lower than when President Biden took office, due to his emergency drawdowns and other nonemergency sales. Most of the barrels to be drawn down and sold were released as a response to the war in Ukraine and its effect on oil prices.
As the Lord Leads, Pray with Us…
- For discernment for the president and his administration as they make decisions about the nation’s energy.
- For Secretary Granholm to seek God’s direction as she heads the Energy Department.
Sources: Washington Examiner, USA Today, Business Insider
