The Biden Administration has finally made a shocking admission about sky-high gas prices: they aren’t going away anytime soon.
As The Daily Caller reports:
The Biden administration acknowledged Tuesday that energy prices — including gasoline and electricity prices — are expected to remain historically high through 2023.
Prices for oil, natural gas and coal are expected to stay high as domestic energy supplies are projected to not keep up with increased post-pandemic demand, according to a report from the Energy Information Administration (EIA), a Department of Energy subagency. The agency blamed the projected high prices on Russia’s invasion of Ukraine in February and conditions related to the ongoing COVID-19 pandemic recovery.
“We continue to see historically high energy prices as a result of the economic recovery and the repercussions of Russia’s full-scale invasion of Ukraine,” EIA Administrator Joe DeCarolis said in a statement. “Although we expect the current upward pressure on energy prices to lessen, high energy prices will likely remain prevalent in the United States this year and next.”
The EIA report, its monthly Short-Term Energy Outlook (STEO), forecasted crude oil prices to average $108 per barrel during the final six months of 2022. The West Texas Intermediate index, the U.S. crude oil benchmark, averaged $53.15 per barrel between 2015-2021 and $68.14 a barrel in 2021 alone, Federal Reserve data showed.
The news comes while the worst of the summer driving season remains ahead, meaning Americans are likely to feel far more pain at the pump before prices ever come back down.
