Gas prices hit another record Wednesday, but one expert projects things could get even worse for U.S. motorists.
hit another record Wednesday, but one expert projects things could get even worse for U.S. motorists.
The national average retail price for a gallon of regular gasoline reached $4.40. However, Andy Lipow, the president of Lipow Oil Associates, estimated that the national average could soon surge as high as $4.50 per gallon. Before Russia was hit with sanctions for invading Ukraine, threatening the already tight global oil market, the national average was at $3.53, according to Lipow. "The overriding fear in the market is that the world cannot make up the anticipated loss of Russian oil supplies," Lipow said in a statement. That fear is driving up oil prices, which account for more than half of the pump price.
Washington is already facing an average of $4.83 per gallon, while Oregon and Alaska are facing an average of $4.81 and $4.73 per gallon, respectively. Lipow argued that "the only actions left for the government to reduce gasoline and diesel prices in the near term" is to suspend the federal excise tax on gasoline and diesel, which is 18 cents and 24 cents per gallon, respectively. He also said the government should "continue to release crude oil from the Strategic Petroleum Reserve" although "neither of these actions increase the amount of energy that the world needs to replace lost supplies from Russia.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Cleveland to establish home repair fund with $4 million left over from decades-old programCity Council on Monday gave Mayor Justin Bibb’s administration approval to establish the Residential Repair and Rehabilitation Revolving Loan Fund, which is meant to help residents make long-needed repairs to the city’s aging housing stock.
Les mer »
U.S. gas prices set record for second straight dayThe average for a gallon of regular gas reached an all-time high of $4.40 on Wednesday after increasing by 3 cents overnight, AAA said.
Les mer »
Inflation 'really pressuring' US oil and gas industry: American Petroleum Institute CEOMike Sommers, the American Petroleum Institute president and CEO, stressed that a long-term energy strategy is needed to reduce prices.
Les mer »
US gas prices hit new record high at $4.37 per gallonThe national average price for regular gasoline climbed more than 4 cents today to $4.37 a gallon, a new record high.
Les mer »
US gas prices hit all-time record with no relief in sightWith the official start of the summer travel season just weeks away, U.S. gas prices hit an all-time high on Tuesday with a gallon of regular selling for an average of $4.37 per gallon, up 25 cents from just two weeks ago and $1.40 more than the same time last year.
Les mer »