There are many different reasons that gas prices are on the rise and one of the main factors that is currently playing a role in the significant increase in gas prices are the Biden administration’s policy choices regarding this particular industry.
In addition to Biden’s policy decisions, there was also a major hack against the Colonial Pipeline. It could take several days for the supply chain to return to normal, because it is only now restarting after being hacked and put out of service.
Most adult citizens within the United States own a motor vehicle, and most of those motor vehicles are not yet electric. That means that most people are required to go to a gas station to fill up their vehicles on a regular basis. Low gas prices generally means that the country’s leadership is doing a good job of maintaining supply and demand for that particular sector. It also means that certain policy decisions are working effectively for the economy.
Unfortunately, gas prices have skyrocketed for millions of Americans since Biden took office, and his administration is continuing to struggle to maintain the crises. A shortage of gasoline is certainly not ideal, but it certainly hasn’t helped that the Colonial Pipeline was hacked at a terrible time. Gas prices are exceeding $4.00 per gallon in certain regions of California, and if poor policy decisions continue to invade the fuel sector, citizens will be forced to pay more at the pump to fill up their vehicles.
This is terrible news for the Biden administration, following a Trump presidency that managed to keep gas prices near record lows for nearly three out of the four years that he was in office. Comparatively speaking, this is not one of Biden’s strongest policies to focus on and it could plague him for a lengthy period of time if he does not address it soon.