UPDATED 9:32 AM PT – Wednesday, June 30, 2021
Gas prices have hit a seven-year high amid Joe Biden’s crackdown on energy production in the U.S. On Tuesday, average national gas prices rose to $3.15 per gallon of regular unleaded fuel.
The highest price of all U.S. regions was recorded in the San Francisco Bay Area at $4.33 while the cheapest gas was found in Louisiana at $2.63 per gallon.
According to economists, Biden’s bans on Keystone XL Pipeline and drilling on federal lands contributed to the rise in fuel prices amid the summer driving season. They also noted gas shortages are possible and there’s no sign of letting up.
Overall, U.S. gas prices are currently 42 percent higher than they were a year ago and are at their highest since 2014. When adjusted for inflation, current gas prices are getting close to what they were during the oil crisis of 1970.