Gas prices are up nearly 90 cents from a year ago, and will likely continue to soar higher under the Biden administration's latest infrastructure proposal.
Market analyst Phil Flynn says Biden continues to punish U.S. oil and gas producers, while allowing foreign oil to hike up prices for American drivers.
“Higher oil prices helps their green energy agenda,” he says. “And the best way to make them higher is to become more dependent on OPEC oil and let OPEC set the price of oil.”
“More than likely, OPEC is going to rollover production cuts for maybe one month or two months and nobody is stopping them. The Biden administration's silence is an endorsement of what they're doing as far as supporting oil prices.”
Flynn says increased demand coming out of COVID is one thing, but the White House is pushing prices higher with its agenda.
“Make now mistakes about it, when we talk about Biden's plans on energy and canceling pipelines, drilling moratoriums and talking about alternative energy, you're discouraging investment in the industry.”
Many analysts fear gas prices could soon push four dollars a gallon, like during the Obama administration.