Gas Prices Are Through The Roof: Here’s Why
By AMARA MOORE
Gas Prices in America and all over the world have been shooting through the roof lately. Many Americans blame President Biden for the ridiculous increase from around three and a half dollars to over five. It’s a worldwide issue that has affected everyone and here’s the cause.
Russia has been at odds with Ukraine since 2014 but has officially declared war on them since around February of this year. It’s been devastating to Ukraine physically but has hurt other countries financially. Russia cut imports of their oil to America, meaning the prices would be on the rise due to the fact that 8% of our oil was from them. It has gone up 17 percent since the invasion and Americans are upset. Many blame Biden because he put a ban on Russian energy being imported to America in retaliation for the invasion. Many other countries like Hong Kong, Zimbabwe, and plenty of Europe have been affected by this as well, though. President Biden does not control the entire world, therefore, we are not in this alone.
Prices were already increasing beforehand. In 2020, due to COVID-19, gas was in no demand at all. Almost everyone was in quarantine, so no one left the house. That meant no one really needed gas nearly as much as they used to. Once demand was low, production was low as well. When quarantine lifted, people rushed to travel and go where they pleased just so they could see something other than their walls, which caused an influx in demand for gas. Production was low, demand was high. The prices became competitive and therefore increased. On the other hand, America has been trying to move away from oil because of global warming and climate change. President Biden even vowed to transition the U.S. economy away from fossil fuels, with the goal of halving emissions by 2030. Another factor would be that energy companies aren’t exactly rushing to drill.
Unfortunately, the prices don’t seem to be making a change any time soon and could possibly continue to grow.