According to CBS News' Gayle King, one of the factors contributing to the recent increase in gas prices is the extreme heat experienced during the summer.
During a segment on CBS Mornings, King highlighted the rise in gas prices, which averaged around $3.83 per gallon, representing a 30 cent increase from the previous month. She suggested that the unexpected influence of the summer's extreme heat is playing a role in this price surge. However, King did not mention any specific economic policies as a contributing factor.
To further explain this phenomenon, Chris Van Cleave was interviewed during the segment. Van Cleave attributed the shutdown of refineries to the triple-digit temperatures experienced in June and July. However, no mention was made of any policies implemented by the Biden Administration that may have influenced gas prices.
It is worth noting that the Biden Administration has recently proposed a rule to increase fees for oil and gas development on public lands. This move, along with other factors, may have contributed to the increase in gas prices. Additionally, there was a significant jump in average prices from March to April, with prices initially averaging $3.535 per gallon before rising to $3.711 in April. Although there was a slight dip in prices between April and July, they eventually returned to the levels seen in April.
Prior to taking office, President Biden campaigned against fracking and vowed to ban drilling on public lands. After assuming office, he took steps to limit drilling permits and signed off on a policy to initiate oil projects in Alaska while blocking future projects in the Arctic Ocean. These actions could potentially impact the future supply of oil and gas.
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