TRENTON, NJ – The gas price in New Jersey and nationwide is up again. With prices edging close to $4 per gallon, the average price is $3.71 for regular unleaded, according to Gas Buddy. Premium gasoline has already surpassed the $4 mark.
Market analysts don’t see an end to the recent surge in fuel costs nationwide.
The average per-gallon price of gasoline at the pump has surged by almost 30 cents over the course of July, according to data from AAA, reaching an average of just under $3.83. This rise in gas prices, the highest since October 2022, could potentially complicate President Joe Biden’s campaign strategy for the upcoming 2024 election.
While gas prices remain elevated this August, they are still lower compared to the same period in August 2022 when Americans were paying just under $4.07 per gallon after reaching an all-time high of over $5.01 per gallon in June 2022. In the first week of August 2020, around five months before Biden took office, the national average price was approximately $2.18 per gallon.
The recent price increase may intensify due to planned OPEC+ production cuts led by Saudi Arabia and Russia, affecting international markets. Additionally, higher energy demand during the summer contributes to the upward pressure on prices, as highlighted by the U.S. Energy Information Administration.
Last year’s gas price surge presented a significant political challenge for President Biden, with Republicans criticizing his administration’s green policies while Americans felt the impact on their wallets. Biden’s campaign strategy, centered around “Bidenomics,” may face complications as energy prices rise again ahead of the 2024 election.
In response to the 2022 price spike, Biden released tens of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to address soaring gas prices before the midterm elections. However, this decision came with consequences, as refilling the SPR to its peak levels could take “decades.”
Recently, the Biden administration chose to delay refilling the SPR, citing higher oil prices and unfavorable market conditions. The rise in oil prices threatens the American economy by exacerbating inflationary pressures, impacting transportation and production costs across various sectors.
As the 2024 election draws closer, President Biden’s administration faces the challenge of navigating surging energy prices while promoting its economic agenda. The delicate balance between managing energy costs and implementing green policies remains a key concern for voters as the campaign season unfolds.