Americans are now paying about $144 million more per day in gas under President Joe Biden than under former President Donald Trump.
Using data collected by the US Energy Information Administration (EIA), newsweek Calculated that between February and July 2021, the price of gas averaged around $3 per gallon. The most recent figures for the number of gallons of gas consumed put US consumption over that time period at about 370 million gallons per day, leading to a daily cost of $1.12 billion.
In contrast, the average gas price from 2017 to 2020 under Trump was about $2.57 a gallon. Gas consumption averaged about 378 million gallons per day during that time period, with daily dollars spent amounting to $972 million, $144 million less than Biden’s average.
The difference in daily dollars spent on gas shows a more staggering difference when compared to the six-month period from February to July this year under Biden after the same period last year under Trump.
Between February and July 2020, gas averaged $2.20 per gallon, and the number of barrels consumed was significantly lower at 328 million. This puts the daily amount of dollars spent on gas at $722 million. Taking this average into account, Americans paid $394 million more for gas during this period this year than last year.
While demand for gas was reduced last year due to less travel under COVID-19, growth in car and air travel has created a far greater demand for gasoline. However, last year’s decreased demand coincides with a decrease in drilling, which saw US natural gas production decline 1 percent, According to EIA.
As cold weather approaches, American households will need greater amounts of energy to keep up with the increased lighting and heating requirements. Europe has begun to feel the effects of the event, with natural gas prices booming across the continent. The sector has been hit so badly by the price jump that many places are now considering not burning coal.
The Organization of the Petroleum Exporting Countries (OPEC), a group of countries dedicated to the stabilization of oil markets, has been criticized for not doing enough to balance the market. OPEC Secretary-General Mohamed Barkindo hit back at countries moving fast with the green energy transition, saying their policies were hurting investment in oil supplies.
“The energy transition is not being handled properly,” Barkindo said “And so we’re starting to see a decline.”