On Sunday, the price of oil reached $130 a barrel as energy prices continue to soar under Democrat President Joe Biden’s administration.
“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.”
BREAKING: Oil prices surge to 13-year high at the open of trading amid Russia-Ukraine war; stock futures drop around 1% https://t.co/9Jv1ArhFHR pic.twitter.com/Aa0iiKrElv
— CNBC Now (@CNBCnow) March 6, 2022
The national average price for gas also hit $4 per gallon over the weekend – and over $5 per gallon in some Democratic states – for the first time since 2008.
“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.”
According to GasBuddy, gas prices are about to be at a record high.
“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,” GasBuddy said in statement. “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.”
