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Americans Hit the Road with the Highest Fuel Prices Since 2014

(Bloomberg) – Americans will hit the road over the holiday weekend with the highest gasoline price in seven years and the White House has vowed to keep an eye on gasoline prices. The national average pump price will hit $ 3,045 per gallon this month, the highest since 2014, and a tenth of a cent lower on Friday, according to data from auto club AAA. “The President knows that gas prices are a sick point for Americans,” White House Press Secretary Jen Psaki said in a statement Friday. “President Biden is opposed to any proposals to raise the gas tax. And why will we continue to monitor prices, and we are happy that Americans can get on the road again.” levels seen before the pandemic as the world’s largest economy opens up and avid drivers take to the streets after a year of lockdowns and restrictions.The demand for hot fuel could average to normal, which is there are several weeks above record levels of 10 million barrels per day, according to Patrick De Haan, head of petroleum analysis at GasBuddy.Any breakdown in refilling supplies in the form of a storm or unexpected deaths could send prices up. ”The concern that any hiccup could be exacerbated by the lack of a truck driver, leading to slower recovery and more price implications, ”De Haan said in an email. The weekend before the Holidays on Monday usually marks the start of the driving season in the United States. National demand for fuel, as measured by the four -week average for supplied fuel, jumped above 9 million barrels a day for the first time. period from March last year, approved by the U.S. Energy Information Administration. This is at a time when the nation’s fuel supply is struggling to recover from a week-long shutdown earlier this month on the Colonial pipeline. The country’s largest fuel pipeline, which carries gasoline and diesel from the coast to the east coast, was temporarily triggered by a cyberattack, affecting regional fuel shortages. partly due to a severe shortage of trucks and drivers needed to ferry gas from the hubs to the vendors. And refinerees have been running some of the lowest prices during nearly a decade, as a result of reduced demand during the pandemic. In his statement, Psaki said the prices are in line with where they have been in recent years in fact. Terms, or if there is a discount for inflation. “As Americans hit the road, they pay less in the real term for gas than the average in the last 15 years,” he said. “They pay the same as they did in May 2018 and May 2019.” Many stories like this are available at bloomberg.comSubscribe now to stay ahead of the most reliable source of business news. © 2021 Bloomberg LP

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