Gasoline prices … ‘it’s ridiculous’
NEW YORK, May 11, (AP): Just as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights.
Drivers were paying $4.37 for a gallon of regular Tuesday, on average, according to AAA. That’s 25 cents higher than a month ago, and $1.40 more than a year ago.
“The price of gas is ridiculous,” said Joel Baxter, a nurse, who was filling up his car at a BP station in Brooklyn, New York, so that he could commute 26 miles (42 kilometers) to work. “The money, your salary, is practically the same, and everything is going up, so they should do something about it.”
The high price of oil is the main cause of the biting gasoline prices. A barrel of U.S. benchmark crude was selling for around $100 a barrel Tuesday, a price tag that has been climbing throughout the year. The high price of oil is largely because many buyers are refusing to purchase Russian oil because of its invasion of Ukraine. The European Union is considering an embargo on oil from Russia, which is a major supplier. Those pressures leave less oil to go around.
Drivers such as Baxter say they wish the government could step in to help, although few can say what solution that would bring lasting relief.
“There are very few things that a president can do to help lower the cost of oil, and this administration tried to do pretty much everything that it can,” said Andrew Gross, spokesman for AAA.
President Joe Biden released oil from the Strategic Petroleum Reserve in November and March, hoping to reduce prices. That helped temporarily, but prices shot back up and stayed stubbornly high.
Biden in remarks Tuesday stressed that fighting inflation is his top priority, a sign of both the economic challenges caused by prices rising at the fastest pace in four decades and the political drag for Democrats that has resulted.