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Shaheen attributes cause of rising gas prices to Biden administration’s ‘policies limiting the supply of oil’

Business

State Rep. Matt Shaheen (R-Plano) blames President Joe Biden’s staff for the surge in gas prices over the Memorial Day weekend. 

The cost of gas increased to an average of a little over $3 a gallon as the holiday approached, reaching the highest-ever average in the last seven years. The spike resulted from labor shortages, increased demand and the Colonial Pipeline mishap, according to Business Insider.

“On day one, Biden has been led by his staff to implement policies limiting the supply of oil. Americans are now paying higher prices and losing jobs,” Shaheen wrote.

According to an AAA annual Memorial Day weekend report, the surge landed as over 37 million Americans made plans to travel for holiday festivities, with nine out of 10 using cars as their method. Demand for gas rose by 41% from the same time a year ago. Gas prices increased by an average of $1.14 per gallon from the same time last year. The figure reflects a 60% increase.

The Organization of the Petroleum Exporting Countries (OPEC) has committed to boosting the output with over 2 million barrels of crude per day for the next few months, but experts like GasBuddy.com’s Patrick DeHaan worry the measures may not be enough to reduce gas prices.

“Not only the U.S. but globally, demand as we’ve seen, prices are going up. That’s on the heels of Americans that are filling up far more often,” DeHaan said.

California has seen the country’s highest gas prices with an average of $4.20 per gallon as of May 30, while Texas, Louisiana and Mississippi have the lowest rates, averaging at $2.71. DeHaan said OPEC’s decision to raise production is not related to the current economic re-establishment. 

“They previously said they were going to raise production months ago,” DeHaan said. “These increases are a little bit slow compared to the pace of what we’re actually seeing with demand rebounding in the U.S. So if anything, only increasing by the expected amount is actually disappointing. And that’s why oil prices are jumping today.”