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Who controls gas prices in the US?

GAS prices are increasing steadily across the country.

The current national average for a gallon of gas is over 4 dollarsBut what drives prices up?

Gasoline prices are now the highest in history

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Gasoline prices are now the highest in history

Who controls gas prices in the US?

Gasoline prices in the US are affected by many factors, mainly supply and demand.

Whenever there is an international conflict, such as Russia Invades UkraineThe price of crude oil increases, which increases the price of gas.

Crude oil and refining make up 70% of gas prices, according to US Energy Information Administration.

Prices are even higher amid conflict in oil-producing countries, such as Russia, the world’s top exporter of crude oil and oil products.

Consumer demand also drives up prices.

Now, more people are traveling than ever after spending so much time at home due to pandemic.

More people are flying and driving, along with the international impacts, plus the cost of distribution and taxes to price gasoline.

Can President Biden lower the price?

Unfortunately, there aren’t many President Biden can do to reduce the price quickly.

An option he must suspend the Federal Gas Tax, currently 18 cents per gallon.

However, this tax largely funds projects in Biden’s infrastructure spending billso cutting it might stop them.

The President can also authorize the use of winter gasoline through the end of the summer.

The Environmental Protection Agency requires cleaner versions of the gas to be used in the Summer to prevent a build-up of smog.

Biden could also increase domestic energy production, but this would go against efforts to combat climate change.

Much gasoline has been released from the country’s stockpile, but it has not had much effect on prices at the pump.

In a speech on March 8, 2022, Biden announced a Russian oil ban and other energy imports in retaliation for the invasion of Ukraine. This, he said, would trigger another hike in gas prices.

California leads the country with the highest gas prices

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California leads the country with the highest gas prices

Where is the most expensive gas in the US?

Historically, California’s gas prices have always higher compared to the rest of the country.

Currently, the average price per gallon of gasoline is $5.44 in California.

However, there are several ways to find relief at the pump.

This coupon uses the GetUpside app to get her money back every time she refills her tank.

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https://www.the-sun.com/news/4850490/who-controls-gas-prices-in-the-us/ Who controls gas prices in the US?

DevanCole

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