The Biden administration has reached another milestone related to its energy policy, say experts. U.S. gas prices have now hit a new seven-year high.
As of Oct. 27, the national average for a gallon of regular gasoline rose to $3.394 from the prior day’s $3.389 and up from last month’s average of $3.189, according to AAA.
Prices range from lows of $3.09 in the nation’s heartland of Missouri and Kansas to $4.56 in California and $3.54 in New York. The western midwest and south have the lowest prices. Prices have more than doubled since the decade lows experienced during the Trump administration.
One of the first acts of the Biden administration was to stop fuel pipeline construction in the U.S. The action caused the loss of billions of dollars in investments by energy companies and the loss of 100,000 jobs.
“We haven’t seen prices this high since September of 2014,” states Andrew Gross, AAA spokesperson.
Other expensive markets include Hawaii ($4.29), Nevada ($3.93), Washington ($3.87), and Oregon ($3.78).
San Francisco gasoline prices, which according to AAA on Tuesday averaged $4.73 for a gallon of regular unleaded, appear poised to hit an all-time record high.
GasBuddy head petroleum analyst Patrick De Haan said in a tweet late Monday that gasoline prices in San Francisco were just 1.2 cents shy of a new all-time high.
“It will be the first city to set a new record high for #gasprices since 2012,” De Haan predicted.
The Biden administration has faced sharp criticism over rising gasoline prices, but it has “no immediate plans” to tap into emergency reserves or limit energy exports outside the United States, the Energy Department told CNBC this week.
–Trusted wire services