Higher Gas Prices Draining Wallets As Americans Rethink Holiday Travel

Critics of President Biden say his restrictive energy policies may result in $4 gas prices.

The Energy Secretary says she hopes prices at the pump don't hit $4 a gallon, but the White House hasn't made any significant moves to stop that from happening. The national average for gas is just under $3.42 a gallon for regular. That’s a $1.30 higher than this time last year.

“The economy has reopened. Americans have places to go. Schools are open. Businesses are open. So, demand for crude oil continues to increase, and supply has simply fallen behind,” GasBuddy Petroleum Analyst Patrick De Haan said. “That has pushed us up to these prices.”

Americans say rising gas prices has them rethinking their travel schedule. A new survey by Morning Consult finds 52 percent of Americans say they plan to take fewer trips, and 53 percent say they plan to take shorter trips.

De Haan says residents in the Greater Houston area are faring better locally than in other parts of the country. Texas is tied with Oklahoma for the second cheapest prices in the nation. AAA has the statewide average at $3.07 per gallon. That's unchanged from last week and a $1.27 higher than a year ago. Houston's average fell a penny this week to $3.03 a gallon.

“You may see the price of gasoline gyrate a bit, but I think in time, in the next week or two, those gyrations of potential increases of a couple of cents will all or should mostly revert to decreases as we approach Thanksgiving,” De Haan explained.

Conservatives argue if the federal government loosened drilling restrictions, American energy companies would be better able to meet demand.

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