Rising oil prices are a major cause of worry to the White House as the Biden administration is heading for elections. If oil rises, it directly affect gas pump prices in the U.S. when the country decides to vote in November 2024. Concerns arise as oil prices have touched around $80 a barrel in April this year. This is the highest level oil prices have reached since 2023.
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The surge in oil is pushing prices up which could make gas at pumps accelerate across the U.S. The development could be a talking point in the next election between Joe Biden and Donald Trump.
Gas Prices At The Pump Could Reach $4 a Gallon
Higher gas prices could jeopardize inflation making the Biden administration worried before elections. Gas prices could rise to $4 in the coming months due to a surge in oil per barrel, cited new data from AAA Automobile Club. The last gas prices climbed above $4 and hit a high of $5 during the COVID-19 era.
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The prices cooled down as oil per barrel dipped and inflation in the U.S. was brought under control by the Feds. However, the development could take a U-turn soon and lead to prices reaching the COVID-19 era again.
The conflict in the Middle East and the war between Russia and Ukraine is also driving oil prices up. The Israel and Palestine conflict along with the Red Sea trade disruptions is pushing gas and oil prices up.
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The Biden administration has to do more work to bring gas prices under control in the next six months. Failing to reduce prices could adversely affect Biden’s reelection prospects as Americans are unhappy with the economy.
Inflation, job cuts, and border security are among the top voters’ priorities this election in November. Therefore, the White House needs to put things in place before seeking out for votes.