Gas Prices On The Upward Trend In Past Year
Gas prices are on the rise due to multiple factors
Gas prices continue to impact consumers at the pumps.
April 16, 2022
Gas prices have been on an upward trend in the US since early last year, now averaging at a staggering $4.19 this week from an average price of $2.93 exactly a year ago, according to the U.S. Energy and Petroleum Institute.
Followers of the @lhspublications Instagram responded to a poll about the increase in gas prices and 338 students said that they had been impacted by the increase in gas prices.
Due to the increase in gas prices, many products have become more expensive because truckers are spending more money to deliver their cargo. The increase in oil prices could lead to inflation and an economic recession.
The Russia-Ukraine conflict, which has led to a ban on Russian imports, has had a factor in petroleum prices, but another factor is the current presidential administration banning oil drilling. As of April 13, 2022, the Russian ruble has reached an exchange rate of 1:0.012 (1 Russian ruble = 0.012 US dollar).
Due to the oil drilling ban, the US has become dependent on foreign oil. The countries that are our biggest trading partners in the oil industry are countries in the Middle East such as Saudi Arabia, countries in Asia, such as China, and our northern neighbor Canada.
As of April 15, the US Interior Department announced plans to hold its first onshore oil and gas lease sales since President Biden took office.
