It’s no secret that gas prices have continued to rise over the course of the last year or so…
… And as residents of some states have recently begun paying a price tag over $4.00 per gallon, many commuters across the nation are finally standing up and saying, “That’s enough!”
Join us today as we reflect on the continued rise of gasoline prices, when (or if) there’s an end to the price gauging in sight and what President Biden recently had to say on this unpopular trend occurring during his watch.
National Fuel Prices Soar!
I’m sure it’s no surprise to anyone reading this article that gasoline prices have continued to steeply climb over the past year or so.
Only a few short years ago, many were surprised to see gasoline prices in some regions of the United States making their way to as low as $1.00 a gallon!
Unfortunately, those days are far behind us as the gasoline price national average hovers at $3.194, with a range from the nation’s lowest price of $2.809 in Texas to the nation’s highest price of $4.391 in California. (Just one more reason for Californians to move to the Lone Star State!)
… But even the “low” prices in Texas would have been considered on the high side only a few short years ago! … And much like we saw in the early years of the post-9/11 world, people are beginning to panic and wonder if there’s any end to these skyrocketing prices in sight.
A Historical Perspective
The days following September 11th 2001 saw a spike in national gasoline demand and prices as many voiced concerns over a coming shortage due to the oncoming conflicts in the Middle East. (… Sound familiar?)
Today, we still populate a world suffering from the aftermath of the 9/11 attacks. And seeing as U.S. troops were JUST pulled from behind the Afghan border — allowing the Taliban to take control – the floodgates of speculation have now officially been swung open… Allowing some to wonder whether-or-not the Middle East’s tight grip on the oil industry could pose a problem should conflicts intensify in the region.
The Political Response
Speaking on the growing concerns amongst his followers (and future voters) on the subject of surging gasoline prices, President Biden, during a briefing in the White House on Thursday, avoided taking blame for the price spike by pointing his finger at “pandemic profiteers” as the culprits for the uptick in fuel prices.
“We’re also going after the bad actors and pandemic profiteers on our economy. There’s lots of evidence that gas prices should be going down, but they haven’t. We’re taking a close look at that.”
The Bottom Line
While the threat of supply and demand always persists in a capitalistic society, the thought that prices almost doubling in such a short time is completely to blame on greedy oil men is a tough idea to swallow…
Most experts believe it’s the mix of not only greed, but more likely to do with the economic hardships the sector felt during the national shut-down. Add a Middle Eastern conflict and inflation into the mix and you’ve got a recipe for disaster!
So, to the many out there wondering if there’s an end in sight to the continued rise of prices in the fuel industry, the answer is, more than likely not.
Much like the markets, oil prices tend to fluctuate depending on, not just demand, but global events, which are directly reflected by said high prices.
… And since oil is a resource society is just not in the position to currently do without, until things change, we’re at the mercy of the oil industry.
Learn More Here…
If you’re tired of paying the high travel costs of leaving the house, we encourage you to look no further for your weekend entertainment!
Join the team at Ask the Pros now for your latest market update as host Celeste Lindman sits down with some of our favorite panelists and some new faces to discuss today’s economy and their plans to profit from it.
P.S. – If you’re interested in learning how these two traders turned a simple $500 investment into over $22,000 in profits over the course of just one month, you’re not going to want to miss this!