Joe Biden spent 2022 raiding the Strategic Petroleum Reserve in a misguided effort to reduce gas prices before the midterm elections. After virtually depleting the reserve, there aren’t many more gimmicks left for him to exploit, and now that the midterm elections are over, it’s not even a political imperative.
So it’s hardly a shock that GasBuddy is saying that by next year the average price of a gallon of gas in the U.S. could once again go over $4 and possibly reach $5 per gallon by the summer.
On Joe Biden’s watch, the price of gas at the pump went from $2.46 per gallon to a peak of $5.02 in June. The current national average price is just under $3.10.
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“2023 is not going to be a cakewalk for motorists. It could be expensive,” Patrick De Haan of GasBuddy told CNN. “The national average could breach $4 a gallon as early as May—and that’s something that could last through much of the summer driving season.”
GasBuddy isn’t alone. The Biden administration has similar projections. “Earlier this month, the Energy Information Administration (EIA) said the national average is expected to average about $3.50 a gallon in 2023 as refineries continue to ramp up production of gasoline,” CNN reports.
So if you thought we’d weathered the storm, so to speak, you were wrong.
