The price of gasoline has long been a significant factor in American national policy. Since the 1970s, as the US economy has grown more fragile, gas prices have gradually risen. In fact, political and social variables have a direct impact on fuel costs in the United States.
The price of gasoline has risen many times in recent years in the United States, and there are various explanations for this upward trend. Ice storms, hoarding, cyber-attacks, storms, sanctions imposed by Washington on several oil-producing countries, and disagreements amongst the world’s major oil producers have all contributed to the United States’ present fuel plight.
Two months ago, Colonial Pipeline Co., the United States’ largest gas transport firm on the East Coast, became the latest victim of a cyberattack, resulting in an unprecedented supply disruption that lasted almost a week.
America’s public’s response to gas shortages must be kept in mind while trying to understand the endurance of the fuel crisis.
When there is speculation about fuel shortages in the United States, thousands of citizens rush to gas stations to fill their vehicles. According to observers, the fuel price increase is the consequence of widespread stockpiling.
Furthermore, as the COVID-19 vaccination is widely administered and social restrictions eased, many Americans have reverted to their pre-outbreak lifestyles, increasing their fuel consumption. Consequently, fuel costs have jumped by 50% since the beginning of the year, while the refineries throughout the nation are operating at maximum capacity to meet surging demand.
To the chagrin of American households, tensions between the UAE and Saudi Arabia erupted at the world’s largest oil producer’s last summit, OPEC Plus, exacerbating America’s fuel crisis, prompting Biden to express concern over rising fuel costs.
Following OPEC Plus’s inability to achieve a new deal, the Biden administration urged OPEC and its other partners to find a peaceful settlement to boost energy production.