Gage Skidmore via Wikimedia Commons

A massive increase in the price of gasoline is likely under way and may push prices up to four dollars a gallon or more in many areas of the US over the summer.

Over 120,000 individuals employed in the oil and gas industry lost their job in the US last year, and numerous oil wells were capped and ceased pumping after the coronavirus lockdowns sent the price of oil crashing.


And many companies have now announced that they likely won’t be increasing production again even if prices surge.

As MSN reports:

An accelerating rollout of vaccines in the United States is expected to turbocharge the American economy this spring and summer, encouraging people to travel, shop and commute. In addition, President Biden’s coronavirus relief package will put more money in the pockets of consumers, especially those who are still out of work.

Even before Congress approved that legislation, oil and gasoline prices were rebounding after last year’s collapse in fuel demand and prices. Gas prices have risen about 35 cents a gallon on average over the last month, according to the AAA motor club, and could reach $4 a gallon in some states by summer. While overall inflation remains subdued, some economists are worried that prices, especially for fuel, could rise faster this year than they have in some time. That would hurt working-class families more because they tend to drive older, less efficient vehicles and spend a higher share of their income on fuel…

Yet, even as they are making more money thanks to the higher prices, industry executives pledged at a recent energy conference that they would not expand production significantly. They also promised to pay down debt and hand out more of their profits to shareholders in the form of dividends…

Scott Sheffield, chief executive of Pioneer Natural Resources, a major Texas producer, predicted that American production would remain flat at 11 million barrels a day this year, compared with 12.8 million barrels immediately before the pandemic took hold.

 

 

 



Subscribe
Notify of
guest

57 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Broccoli Free Zone
Broccoli Free Zone
1 year ago

It has already doubled here. I told my (democrat) wife that it’ll be $4 per gallon by summer, and that’ll fix those Trump supporters like me. My insulin has gone up 75% as well. That’ll fix me (R), because this doesn’t effect Biden supporters at all.

Tom Dooley
Tom Dooley
1 year ago

How does she feel about sleepy Joe now that you have to pay higher gas prices and higher prices for your insulin? This is no insult intended but most of sleepy Joe’s followers could care less about higher anything even if it is a spouse.

charles
charles
1 year ago
Reply to  Tom Dooley

I DON’T KNOW IF HE CAN REALLY COME UP WITH AN ANSWER BASED ON WHAT HE SAID ABOUT HIS DEMONRAT WIFE. I AM A LUCKY MAN I HAVE A SMART WIFE AND KNEW WHO TO VOTE FOR AND HAS COMMON SENSE IN ECONOMICS ABOUT THE HOUSE AND COUNTRY. OH YES, SHE DISLIKES ILLEGALS ALSO LIVING IN SAN ANTONIO- YOU HAVE NOT LIVED UNTIL YOU HAVE TO FORCE THEM FROM YOUR YARD ON A WEEKLY BASIS. THEY ARE LIKE FIRE ANTS STEALING EVERYTHING THAT IS NOT MADE OF CONCRETE OR WELDED TO SHEET STEEL. THEY WILL STEAL THE STINK OFF DOGGIE DOO DOO!!!!!!!!! HOW DOES HE IVE WITH A “DEMONRAT” FOR A WIFE- LIVE-IN OR WHATEVER KNOW WHAT HAS HAPPENED TO THIS COUNTRY BECAUSE OF THIS IGNORANT JERK BIDEN!!! THIS GUY NEEDS A HOSPITAL FULL OF SHRINKS TO KEEP HIS MIND AT LEAST SANE TO DO DEAL WITH A WIFE BEING DEMONRAT . I”LL BET SHE IS A REAL CRACKER JACK- SHE COULD BE STACKED TO THE ROOF AND HAVE A BUTTT LIKE A GOVERNMENT MULE AND I WOULD NOT PUT WITH DEMONRAT BS ON A HOUR TO HOUR BASIS. HE IS A BETTER MAN THAT I AM- AND I HAVE BEEN WITH THE SAME WOMAN SINCE ELEMENTARY SCHOOL IN THE FIRST GRADE THAT IS NOW 56 YEARS AGO. I’M THE LUCKY MAN HERE LOOKS LIKE TO ME!!!!!!!!!!! WE ARE BOTH CONSERVATIVE REPUBLICANS AND WILL DIE THAT WAY- HAPPY WIFE AND HAPPY LIFE -NO DEMONRAT IN MY HOUSE OR BUSINESS!!!

jjofaz
jjofaz
1 year ago
Reply to  Tom Dooley

I have one of those spouses and all I hear is “I don’t want to talk about it.” Frankly I think they are embarrassed of the old fool.

Jack
Jack
1 year ago

Pluck that old pedophile pos . His brain is phucked

charles
charles
1 year ago

THAT MUCH BE SOME REALLY GOOD STUFF TO HAVE TO LIVE WITH A DEMONRAT THAT IS TRYING TO DESTROY THIS COUNTRY BY THE DAY. I NEVER HAVE SEEN ANY OF THAT STUFF WORTH THAT- THERE IS TO MUCH REPUBLICAN STUFF OUT THERE TO HAVE TO PUT UP WITH THE DEMONRAT BASE OF FLUID LIES ONE RIGHT AFTER THE OTHER- THE GARBAGE IS ENDLESS. YOU MUST BE PW’D OR ANY OLD STUFF WILL DO!!!

Stephen Russell
Stephen Russell
1 year ago

& TX Freeze shows weak our Grid is to weather etc alone thus NO EV use?
Or other?
Sample CA gas prices

Binted
Binted
1 year ago

nice