Morning Wire Gas Prices & American Energy Under Biden & Trump | Saturday Extra
May 25, 2024
Derek Morgan, Executive Vice President at Heritage and former Senior VP for American Fuel and Petrochemical Manufacturers, dives into the complex world of gas prices and energy policies. He unpacks the reasons behind surging fuel costs and discusses seasonal trends and government regulations. The challenges of transitioning to electric vehicles are also highlighted, alongside the potential for nuclear energy. Morgan critiques current energy strategies and speculates on how future leadership might tackle U.S. energy independence.
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Gas Price Breakdown
- Current average gas price is around $3.60/gallon, a 50% increase since President Biden took office.
- This is due to crude oil prices, refining costs, taxes, distribution, and marketing.
Regional Gas Prices
- The West Coast, especially California and Hawaii, consistently has the highest gas prices.
- This is due to special gasoline formulations and limited supply options.
Summer Gas Prices
- Summer gas prices typically rise due to EPA-mandated gasoline blends and increased demand.
- These blends reduce gasoline output per barrel, and higher demand drives prices up.