Under Biden, Americans are paying $144 million more per day for gas than they are under Trump.
Under President Joe Biden, Americans are now spending nearly $144 million more per day on petrol than they did under former President Donald Trump.
The Washington Newsday predicted that the price of petrol averaged roughly $3 per gallon between February and July 2021, based on statistics from the US Energy Information Administration (EIA). According to the most recent figures on gas use, Americans consumed around 370 million gallons per day during that time period, resulting in daily spending of $1.12 billion.
In comparison, from 2017 to 2020, the average price of gas under Trump was roughly $2.57 per gallon. During that same span, gas usage was around 378 million gallons per day, resulting in daily spending of $972 million, $144 million less than under Biden.
When comparing the six-month period of February to July this year under Biden to the same period last year under Trump, the difference in daily dollars spent on petrol shows a more startling price differential.
Between February and July 2020, the average price of gasoline was $2.20 per gallon, with 328 million barrels consumed. This brings the total amount of money spent on gas to $722 million every day. When this average is taken into consideration, Americans will have spent $394 million more on petrol this year than they did last year during this time period.
While gas demand was lower last year because to COVID-19’s reduced travel, a boom in vehicle and plane travel has resulted in far higher demand for petroleum this year. According to the EIA, last year’s lower consumption corresponded with a decline in drilling, resulting in a 1% drop in US natural gas production.
As the cold weather approaches, American households will require more energy to meet increased lighting and heating demands. The impacts of this phenomenon have begun to be felt in Europe, with natural gas prices increasing across the continent. The price increase has been so severe in the region that a number of places are considering burning coal despite vowing not to.
The Organization of Petroleum Exporting Countries (OPEC), a collection of countries committed to oil market stability, has. This is a condensed version of the information.