(GoRealNewsNow.com) – Joe Biden’s presidency has become a never-ending nightmare for US consumers. And, with the price of gasoline skyrocketing again, the nightmare will only worsen as world oil prices are headed for their highest levels in the past ten months.
Specifically, US gas prices spiked by 20% in August, as per the latest data from the US Bureau of Labor Statistics released on Thursday.
The rise accounted for 60% of the increase in the cost of final demand goods, Breitbart News emphasizes in a report.
It notes that gasoline prices across the nation grew further on Thursday, reaching a national average of $3.853 a gallon, up from an average of $3.484 on Wednesday. The new average is $0.50 higher compared with a month ago.
Yet, the gasoline cost surge in the United States will likely worsen after world oil prices jumped to a ten-month peak.
Brent crude and Wester Texas Intermediate crude went up by nearly 2%, with the latter reaching $93.68 a barrel and the former climbing to $90.29 a barrel.
“The rising price of oil comes at a particularly challenging time for American consumers,” Breitbart comments in an article entitled “Bidenomics Breaking America.”
The cost of crude went higher after last week when Saudi Arabia and Russia said they were prolonging their production cuts, whose goal was to drive the prices up.
Against that backdrop, the United States continues to produce less oil than it could, with the total number of rigs in the country sliding from 591 last year to 513 today.
The report stresses that “the Biden administration’s policies are discouraging investment in domestic fossil fuel production,” pointing out production cuts in the Gulf of Mexico and Alaska and pushing carmakers to adopt electric vehicles.
It is noted that the president and his administration have failed to convince oil producers and refiners to hold down prices.
“The Energy Department is in touch with producers and refiners to resolve any issues and to try to ensure stable supply,” White House economist Jared Bernstein assured reporters on Wednesday.
The commentary points out that Biden has released 180 million barrels from the US strategic oil reserves since March 2022 but has largely failed to refill those despite promises to do so.