The average increase in the price of gasoline was 30 cents per gallon in the past month — and could complicate President Joe Biden's 2024 reelection strategy, the Daily News reported Monday.
More trouble for Biden's campaign could come as the price hikes may also intensify as planned cuts in OPEC+ production, spearheaded by Saudi Arabia and Russia, take hold in international markets, with high summer temperatures also contributing to higher energy demand, which would further drive up prices.
Currently, the average gas price is $3.83 per gallon, up from $3.53 one month ago, according to AAA and an average level not seen since October. Prices are still significantly lower that an all-time high of $5.01 per gallon in June 2022.
Republicans have criticized Biden's green policies, connecting the issue to the higher cost of gasoline, the Daily Caller reported. Biden has hoped to rely heavily on "Bidenomics" as a strong point going into next year's election.
Rising oil prices threaten to intensify inflationary pressures that continue to be a feature of the American economy, the The Wall Street Journal reported. The rising energy prices usually cause higher prices in other sectors by making transportation and the production processes more expensive.
Biden released tens of millions of barrels of oil from the strategic petroleum reserve (SPR) last year in an attempt to control surging gas prices before the midterm elections. That decision means that the SPR, which is generally meant to serve as a supply in case of war or some other national emergency, could now take decades to refill to peak levels, according to the Daily Mail.
Last week the Biden administration delayed refilling the SPR due to higher oil prices and unfavorable market conditions.