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‘Extreme Volatility’: Gasbuddy Warns Fuel Prices Will Spike Again in 2023

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As 2022 winds down and we look toward 2023, there’s a lot that Americans would probably prefer not to carry over into the new year. But inflation and high gas prices are two things that, unfortunately, won’t be going anywhere thanks to the Biden administration’s policies.

This unwelcome news comes from the analysts at GasBuddy in their end of year preview for 2023 and what Americans can expect to find at the pump.

“The national average price of gas could cool early in the year as demand remains seasonally weak,” GasBuddy’s forecast explains, “followed by a rise that starts in late winter, bringing prices to the $4 per gallon range in time for summer.”

As our readers surely recall, last summer saw the national average gas price in the United States reach their all-time highs in June of $5.016 per gallon for unleaded and $5.816 for diesel as recorded by AAA. (Read more from “‘Extreme Volatility’: Gasbuddy Warns Fuel Prices Will Spike Again in 2023” HERE)

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Supplier Warns Americans to Brace for Fuel Shortage, Higher Prices

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Fuel supplier Mansfield Energy is taking steps to prepare for a diesel shortage on the East Coast of the United States, issuing an advisory to businesses that rely on the fuel to plan rather than panic.

Last week, Mansfield Energy raised a red flag on the upcoming diesel fuel shortage in the southeastern region of the U.S., speculating it could be from “poor pipeline shipping economies” and a historically low supply of reserves.

On a normal day, the East Coast markets have 50 million barrels in storage, but right now, there are less than 25 million barrels available.

“A tight diesel supply will force prices to go up, which will eventually make it too expensive for some people,” the company said in a press release on Monday. “High prices will bring demand back down enough that it balances with limited supply.” (Read more from “Supplier Warns Americans to Brace for Fuel Shortage, Higher Prices” HERE)

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More Lies: Biden Makes False Claims About Gas Prices Under Trump Administration

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President Joe Biden falsely spoke about gas prices under the Trump administration Thursday, claiming the most common price of gas was “over five dollars” when he took office.

“The most common price of gas in America is $3.39, down from over $5 when I took office,” Biden said while speaking on Micron’s plan to invest in CHIPS Manufacturing in Syracuse, New York.

The national average price of gas was $2.39 on Jan. 23, 2021, days after Biden took office, according to data from GasBuddy.

The national average price of gas did not reach $5 until June 2022 under the Biden administration, and it remained under $3 for the entirety of the Trump administration, according to GasBuddy. (Read more from “More Lies: Biden Makes False Claims About Gas Prices Under Trump Administration” HERE)

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Thanks Biden: Gas Prices Soar Again (VIDEO)

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The national average price for gas Tuesday was nearly $4 a gallon as Americans struggle under President Joe Biden’s (D) economy.

AAA’s gas tracking website recorded the day’s national average at $3.923. Monday’s average was $3.919, and a year ago it was recorded at $3.274.

In March, personal finance expert Dave Ramsey told Fox News lower income Americans are struggling financially, and, “They got hit with the pandemic now they’re getting hit with this Biden inflation at the gas pump. The gas pump is 100 percent on Biden’s desk. It’s 100 percent his fault.”

Meanwhile, experts say Biden will have drained the the Strategic Petroleum Reserve (SPR) to a 40-year low at the end of this month, Breitbart News reported Thursday. (Read more from “Thanks Biden: Gas Prices Soar Again (VIDEO)” HERE)

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Gas Prices Surge Again as Supply Runs Low

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. . .Now, in the first week of October, the national average price for gas has turned around after hitting the apparent bottom of a dip in gas prices — still higher than when Biden took office — and are inching upward again as inflation in other economic sectors continues to accelerate as demonstrated by recent reads of the Consumer Price Index, Producer Price Index, and PCE Price Index.

According to GasBuddy, “[f]or the second straight week, gas prices have headed higher, with the nation’s average gas price posting a rise of 11.1 cents from a week ago to $3.78 per gallon today, according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 stations nationwide,” meaning the national average “is up 0.4 cents from a month ago and 59.8 cents higher than a year ago.” How’s that “Build Back Better” agenda going?

Rather than Biden and his party’s feeble attempts to blame supposedly “greedy” corporations and Putin’s invasion of Ukraine, GasBuddy’s Head of Petroleum Analysis Patrick De Haan points to fuel shortages and OPEC’s pending decision on whether to cut production…two things that would have been non-issues if Biden hadn’t killed America’s energy independence:

Some West Coast states saw prices rise 35 to 55 cents per gallon in the last week as refinery issues continued to impact gasoline supply, which fell to its lowest level in a decade in the region, causing prices to skyrocket. While I’m hopeful there will eventually be relief, prices could go a bit higher before cooling off. In addition, OPEC could decide to cut oil production by a million barrels as the global economy slows down, potentially creating a catalyst that could push gas prices up further.

(Read more from “Gas Prices Surge Again as Supply Runs Low” HERE)

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Europe Encouraged to Ration Gas Supplies Ahead of Winter

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The International Energy Agency (IEA) is calling for widespread energy rationing across Europe due to the continent’s ongoing fuel crisis the agency predicts will be exacerbated by the coming winter months.

Dr. Fatih Birol, executive director of the IEA, warned of an approaching energy catastrophe in Europe in a commentary piece released on Monday. Birol implored the European Union to reduce energy demand from households and businesses alike to prevent an energy crisis even if gas flows through the Nord Stream 1 pipeline resume at the same levels that preceded its shutdown.

Birol advocated for lowering household electricity demand by “setting cooling standards and controls,” stating that government and public buildings should take part in this to set an example to consumers. In his article, he also told governments in the EU to “encourage behavioral changes” among their citizens to reduce energy consumption.

“European governments need to prepare the people of Europe for what may be coming,” Birol stated. (Read more from “Europe Encouraged to Ration Gas Supplies Ahead of Winter” HERE)

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Joe Biden’s America: 92 Percent of Americans Say Gas Prices a ‘Serious’ Problem; Biden’s New Gas Tax Plan Will Backfire on Him – Here’s Why

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By Breitbart. The vast majority of voters say the rising cost of gas is a “serious” problem in President Biden’s America, mere months ahead of the midterm elections, a Rasmussen Reports survey released Tuesday found.

Rising gas prices have emerged as a top voter issue heading into the midterms, which does not bode well for President Biden and Democrats, both of whom have continued to deflect, constantly blaming others for the current state of affairs in the country.

Senate Majority Leader Chuck Schumer (D-NY) in April, for example, tied rising gas prices to “Russia’s unprovoked, vicious, nasty, bitter, invasion of Ukraine.” (Read more from “Joe Biden’s America: 92 Percent of Americans Say Gas Prices a ‘Serious’ Problem” HERE)

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After Demonizing ‘Greedy’ Gas Companies, Biden’s New Plan Will Increase Their Profits

By Townhall. As President Biden makes his call for a federal tax holiday for unleaded and diesel gas taxes, there is — as usual — an irony that undercuts his supposedly brilliant idea to help Americans who’ve seen gas prices more than double in the less than two years since he took office.

The president’s plan, which relies on Congress for implementation, is to suspend federal fuel taxes for three months, a timeframe that conveniently runs up until just before the midterm elections as Biden’s party receives continually sinking approval for its handling of the economy. Biden also called for states to similarly waive their taxes on regular and diesel fuel, which a few have done already.

While state gas taxes vary, the federal taxes Biden is hoping Democrats in Congress will suspend amount to 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel — saving Americans around 3.5 percent at the pump. According to Forbes, the average American would save less than $10 each month if the federal tax were suspended.

(Read more from “After Demonizing ‘Greedy’ Gas Companies, Biden’s New Plan Will Increase Their Profits” HERE)

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ExxonMobil CEO Predicts Oil Market Turbulence Will Go On for Years

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ExxonMobil CEO Darren Woods predicted Tuesday the global oil market will continue to be “tight” for years to come, indicating cost relief at the gas pump is not on the horizon.

Speaking at the Bloomberg Qatar Economic Forum in Doha, Woods predicted that turbulence within the global oil market will not subside for three to five years.

“You are probably looking at three to five years of continued fairly tight markets,” Woods said. “How that manifests itself in price will obviously be a big function of demand, which is difficult to predict.”

Woods added that protection from market volatility will require governments and oil companies to enact “more thoughtful policies.” (Read more from “ExxonMobil CEO Predicts Oil Market Turbulence Will Go On for Years” HERE)

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The Fed’s Cure for Inflation Is a Major Punch in the Gut

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If you think runaway inflation is brutal, wait until you get hit by the cure.

Last week the Federal Reserve raised the interest rate on money it lends to other banks by .75%, the biggest hike in three decades. Federal Reserve Chairman Jerome Powell said the hike is necessary to rein in skyrocketing inflation.

He’s planning more hikes in the coming months. They’ll lead to increased interest charges on credit cards and higher rates on home-equity loans, car loans and mortgages. It’s a punch in the gut for people who need to borrow.

Get ready for the interest rates on your credit cards to top a budget-busting 20% two monthly statements from now — up from a current average of 14.6%.

If you’re shopping for a home or a car, adjust your expectations downward. Whatever you thought you could afford, you’ll now be able to afford less because monthly payments will include significantly higher interest costs. (Read more from “The Fed’s Cure for Inflation Is a Major Punch in the Gut” HERE)

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Fueling a Crisis: Here’s What’s Driving High Gas Prices — And Why They’re Not Going Away

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Record-high gas prices are the biggest cause of red-hot inflation heading into the high-demand summer months — and the factors behind the wallet-busting costs show no signs of easing up.

Crude oil prices, which have spiked beyond $100 a barrel, now account for 60% of the price of a gallon of regular unleaded gasoline, according to April data from the federal Energy Information Administration.

The cost of crude shot up amid both increasing demand as the COVID-19 pandemic wanes and the global supply chain disruption caused by the Russian invasion of Ukraine and subsequent Western-imposed sanctions.

Just a year ago, crude oil prices accounted for 52% of the cost of a gallon of gas – and only 25% of the cost during the COVID lockdowns of April 2020, the New York Times reported.

Refining costs account for another 17% of the price per gallon as of this April, while 12% of the cost went toward taxes and 11% toward distribution and marketing, EIA data showed. (Read more from “Fueling a Crisis: Here’s What’s Driving High Gas Prices — And Why They’re Not Going Away” HERE)

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