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In an attempt to moderate gas and oil prices, Biden has asked OPEC to increase production, despite it being a function of market forces.
But will high gas prices make a difference in what they drive and where they go?
Heating your home too. Propane futures are trading at roughly twice what they were the past two summers and retail prices are up as well.
Yes, the economy is reopening globally. But gasoline prices are also affected by Iran’s latest election.
Many people are running out to top up … just in case.
Even after the weather starts improving, this crisis’ effects are likely to linger and be felt far beyond the Lone Star State.
AAA estimates that 34 million fewer people will travel Christmas week than last year at this time.
Demand for oil has come back a bit, but it’s still lower than it was before the pandemic.
From taxes, to marketing, to refining, a lot goes into the price of a gallon of gasoline.
In some parts of the country, the issue is supply, while other states see new gas taxes.