Tuesday, September 26, 2023

Gas Prices in LA Soar to Over $6 a Gallon as Oil Keeps Climbing; Why Biden Will Lose if Gas Prices Keep Rising — as They Seem Set To Do

Gas prices in LA soar to over $6 a gallon as oil keeps climbing:
A regular gallon of gas costs more than $6 on average in some parts of the Los Angeles area while prices reached as high as $7 in some parts of California on Tuesday as dwindling oil supplies put the squeeze on American motorists.
It was the first time since October of last year that gas in LA and Orange Counties surpassed the $6 threshold, according to Fox 11 Los Angeles TV.
The national average of a gallon of gas stood at $3.88, rising some eight cents in the span of a week, according to the American Automobile Association.
At this time last year, a gallon of gas was 18 cents cheaper nationally, AAA said.
Relief doesn’t appear to be on the horizon, at least not in the short term.
Chevron CEO Mike Wirth predicted that oil prices would get “close” to $100 a barrel.
“Supply is tightening, inventories are drawing … the trends would suggest, we are certainly on our way, we are getting close (to $100/bbl),” Wirth, who heads the nation’s second largest energy producer, told Bloomberg TV on Monday.
The uptick in gas prices has fueled higher rates of inflation — forcing consumers to shell out more for fuel while limiting discretionary spending. --->READ MORE HERE
Why Biden will lose if gas prices keep rising — as they seem set to do:
The US-Saudi relationship soured when President Biden took office, and now Biden’s re-election prospects may suffer, too.
Back on Nov. 21, 2018, just two weeks after the midterm elections, then-President Donald Trump celebrated recent declines in the global oil price with a tweet, ending with: “Thank you to Saudi Arabia, but let’s go lower.”
About six weeks earlier, the West Texas Intermediate oil price had peaked at $76.40 per barrel.
By Nov. 6, when American voters took to the polls, it was at $61.69 — a fall of around 24% in only a month.
Gas prices at the pump had dipped, too. In the second week of October, they’d peaked at around $2.90 per gallon.
On Election Day, they were down to $2.75 per gallon — and by January 2019, $2.24.
The Saudis had done Trump a favor: They’d agreed to pump more oil around the same time as the midterms and drive down the price of gas.
In return, Trump praised them at a time when they were under attack by the press for the murder of the journalist Jamal Khashoggi in the Saudi Embassy in Turkey. --->READ MORE HERE
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