Gas prices hit new all-time high as EU considers blocking Russian oil, Biden keeps restrictions

Oil expert argues soaring prices a ‘supply problem’ caused by Dems

Canary CEO Dan Eberhart stresses the need for policies that support increased oil supply to alleviate prices at the pump.

Gas prices hit a new all-time high on May 10, 2022, amid rising inflation and President Biden's restrictions on oil and gas production.

According to AAA's average gas price calculator, the national average cost of a regular gallon of gasoline hit $4.374 on Tuesday, the highest ever according to AAA.

The prices come as the European Union edges toward oil sanctions on Russia amid the Kremlin's invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.5% in March.

Gas prices have soared by 50% nationwide over the past year  (Getty Images / Getty Images)

Critics claim that President Biden's energy policies – restricting drilling on federal lands and blocking the completion of the Keystone XL pipeline – have created a "supply problem" in the market. Biden initially announced a moratorium on drilling on federal lands, but a federal judge in Louisiana blocked the moratorium after 13 Republican attorneys general sued.

According to Yardeni Research, increased oil costs suggest the average American household will pay almost $2,000 more for gasoline in 2022, according to a March research note.

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"In addition, we estimate that the average household is currently spending at least $1,000 [according to a seasonally adjusted annual rate] more on food as a result of rapidly rising grocery prices," Edward Yardeni, the president of the firm, wrote on LinkedIn. "That’s $3,000 less money that households have to spend on other consumer goods and services, which also are experiencing rapid price increases."

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