Trenton, New Jersey. The statewide average for normal unleaded fuel is at $2.97, according to AAA, after rising steadily from a summer low of $2.75 per gallon. As national discussions over fossil fuel regulations and energy independence heat up, the spike underscores the rising unpredictability in energy prices.
The current average is a tiny decrease from a week ago, when the average was $2.99, and a modest increase from a month ago, when prices averaged $2.92. Prices have been creeping upward after reaching their lowest point earlier this year during the summer months, even if they are still below the average of $3.26 for the same period last year.
The volatility coincides with energy policy becoming a significant topic in the run-up to the 2024 election. Republicans have criticized President Joe Biden for his environmental program, which includes rerouting federal funding to renewable energy projects, limiting new oil and gas drilling permits, and canceling large pipeline projects. Opponents, like as former President Donald Trump, have claimed that these policies increase gasoline prices and threaten domestic energy output.
With pledges to increase domestic oil and gas drilling and repeal regulations from the Biden administration, Trump has made achieving U.S. energy independence a key component of his campaign. At a recent rally, Trump declared that American energy must be unleashed and vowed to restore the United States as the world’s top energy producer.
Analysts attribute the increase in gas prices to a number of global reasons, such as refinery capacity concerns and recent supply curbs by OPEC. Although the government has little control over global market conditions, many contend that Biden’s efforts to lessen reliance on fossil fuels have made local energy issues worse.
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