Price Of Oil Per Barrel Doubles From What It Cost A Few Months Ago | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ryan Saavedra.

    The price of oil skyrocketed on Sunday as Democrat President Joe Biden's administration is considering an embargo on Russian oil after Russia invaded Ukraine late last month.

    "The cost of Brent crude, the international benchmark, rose about 10 percent, reaching $130 a barrel on Sunday evening," The New York Times reported. "In early December, it cost about $65 a barrel."

    The national average price for gas jumped to $4 per gallon over the weekend for the first time since 2008 as prices continue to worsen during the Biden-era.

    "As of Sunday afternoon, the national average of a regular gallon of gas was $4.009, according to AAA," USA Today reported. "That's up 8 cents from Saturday and up 40 cents from last week. The U.S. hit the $4 national average a day earlier than analysts expected."

    Patrick De Haan, head of petroleum analysis at fuel-savings app GasBuddy, said in a tweet on Sunday that gas prices were approaching an all-time high.

    "We are currently at a 7 day rise in #gasprices of 43.7c/gal," he tweeted. "If we surpass 49.0c/gal ago, we will be at the highest ever 7 day rise in average price."

    GasBuddy said in a statement:

    The national average price of gasoline has just surpassed $4 per gallon in the U.S. for the first time since 2008, and stands just 10 cents below the all-time record of $4.103 per gallon, according to GasBuddy, the leading fuel savings platform providing American drivers with the most ways to save money on gas. Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia's ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone.

    As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of 49 cents per gallon during the week of September 3, 2005. Yesterday's daily rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago. Diesel prices, however, didn't share the same fate as gasoline, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.

    GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.


    Billionaire entrepreneur Elon Musk said late last week that he supported increasing domestic oil and gas drilling to offset energy problems that the U.S. is facing due to policies from the Biden administration and the war in Europe.

    "Hate to say it, but we need to increase oil & gas output immediately. Extraordinary times demand extraordinary measures," Musk tweeted. "Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports."

    The Daily Wire is one of America's fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Nigel Farage launches movement to end UK's ''ruinous'' green agenda Daily Wire, Guest Editorial, Editorials, Op-Ed & Politics Medical Marijuana? Compassion? Balderdash! Our youth will suffer.


HbAD0

Latest Op-Ed & Politics

Be careful what you wish for, you may get it
Former President Donald Trump suggested this week that if he becomes president again, he might allow Prince Harry to be deported.
It's a New Year, which means it's time to make resolutions — even for prominent evangelical leaders. The Babylon Bee asked the following well-known figures in the faith what they hope to accomplish in 2024:
Vice President Kamala Harris will visit a Minnesota Planned Parenthood clinic, reportedly the first time a president or vice president has visited an abortion facility.
An eight-mile stretch of the Blue Ridge Parkway near Asheville has been temporarily closed due to a string of “human and bear interactions,” the National Parks Service announced.
University of Wisconsin tried to punish conservatives for the fact that liberals regularly commit crimes to silence opposition
most voters think EU officials not doing a good job on illegal immigration
Come from behind by GOP candidate is a blueprint to 2024

HbAD1

Biden spending and energy policies to blame
Tuberculosis carried by illegal invaders has already infected Texas cattle
Sen. Ted Cruz (R-TX) said this week that the only campaign promise President Joe Biden has delivered on as president is the complete dismantling of the U.S. southern border.
Hamas is reeling after losing two of their most cherished leaders on the same day: military commander Saleh al-Arouri, and Harvard President Claudine Gay.
President Joe Biden’s brother told the Internal Revenue Service that Hunter Biden told him he was in business with a “protege of President Xi,” referring to the leader of China, according to notes by an IRS investigator that were divulged during a congressional interview of Jim Biden.
Gov. Roy Cooper seeks a temporary restraining order to block a law changing the composition of the State Board of Elections.
X owner Elon Musk mocked a news segment from ABC News this week that promoted President Joe Biden’s talking points about the Democrat-led Senate’s failed border bill, which critics and many experts have said would make the situation on the border worse.
That’s the question Marguerite Roza of Georgetown University’s Edunomics Lab sought to answer in a recent webinar on the topic.
The University of Florida has fired all of its diversity, equity, and inclusion (DEI) employees and shut down its DEI office.

HbAD2

 
Back to Top