Analysts Say Gas Prices Will Only Get Higher
Millions of Americans are feeling the weight of record gas prices. Sadly, experts are now saying they don’t expect relief anytime soon.
From The Center Square. Gas prices have soared to record highs in the past year, and analysts say they likely will only get higher.
According to AAA, the national average gas price is $4.33 a gallon, up from an average of $2.86 the same time last year.
“If current policies now considered by the U.S. and Europe continue, it is likely that global oil and natural gas prices will continue to stay high, and could go far higher,” said Mark Mills, an energy expert at the Manhattan Institute.
“Keeping oil and gas prices down will require signaling to the market that more production is coming on-line in the usefully foreseeable future,” he added.
Recent polling suggests Americans have little hope prices will go down anytime soon. Rasmussen Reports released polling data earlier this month showing that 3 out of 4 surveyed Americans expect to pay even more for gas….
The Biden administration has taken fire for months for its handling of the energy issue. Gas prices steadily increased since Biden ended construction of the Keystone Pipeline and froze new drilling leases on federal lands after taking office, among other policy decisions affecting the oil and gas industry.
Critics have pointed to those actions as missteps and called for more domestic production….
White House Press Secretary Jen Psaki said Monday the administration is trying to mitigate the rising prices but expects “it will continue” to rise.
Higher gas prices make a range of goods more expensive since the cost of transporting those goods to market is passed down at least in part to consumers. With inflation already increasing at the highest rate in decades, Americans are feeling the pinch….
Democrats have pushed for renewable energy sources as an alternative to relying on fossil fuels, but critics say the technology is not yet ready.
“And proposals being made to accelerate, or ‘warp speed’ alternative energy to offset Russian oil and natural gas are, to put it undiplomatically, laughable,” Mills said. “There is no chance ‘alternatives’ can make a significant difference for decades.”
How are you paying for our economy and gas prices?
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