Gas prices surged across the United States over the weekend, with average prices nationwide topping $4 per gallon for the first time since 2008.
Summary
The price of gasoline surged across the United States over the weekend.
- The average price of gasoline rose almost 41 cents over the weekend with average prices nationwide topping $4 per gallon for the first time since 2008.
- Stock markets worldwide fell as a global crude oil benchmark hit $130 per barrel, the highest level since July 2008. The US equivalent metric rose 6.9 percent to $123.64 per barrel.
- Global oil prices have surged more than 60 percent since January 1, 2022. A prolonged war or a ban on Russian oil exports could propel prices as high as $150 or even $200 per barrel.
- The Washington Post reported on the growing numbers of Congressional Republicans and Democrats calling to ban Russian oil exports.
- The New York Times covered Republicans’ sharpened messaging on Ukraine heading into the 2022 midterms. Republicans plan to tie Biden’s handling of the Ukraine crisis and energy issues like closing the Keystone XL pipeline to escalating gasoline prices.
- CNN’s coverage of the oil price surge focused on the delay in reviving the Iran deal. Negotiations between the US, Russia, China, and Iran have stalled over Russian guarantees that US sanctions wouldn’t interfere with Russian-Iranian trade. Secretary of State Antony Blinken indicated a willingness to give in to Russia’s demands.
- The Wall Street Journal wrote that Biden faces a choice: punish Russia for invading Ukraine by banning Russian oil exports or bring rising consumer prices under control. It may not be possible to do both.
- Fox News attributed the price surge to supply disruptions as “oil traders, vessel owners, governments, ports and dock workers” want to avoid everything Russia-related. The US is approaching the all-time high of $4.11 per gallon hit in July 2008.
- Breitbart reported that the White House has rejected increasing domestic oil production to alleviate pain at the pump. Press Secretary Jen Psaki said the price surge is “a reminder that real energy security comes from reducing our dependence on fossil fuels.”
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© Dominic Moore, 2022
