US sets new record for gasoline prices as average national price nears $5 per gallon

05/16/2022 / By Arsenio Toledo

The average retail cost of a gallon of gas in the United States hit a record-high of $4.374 on Tuesday, May 10, according to the American Automobile Association (AAA). The previous record of $4.331 was set in March.

The increase has been mostly attributed to the rising price of crude oil, which last week was around $100 per barrel but is currently closing in on $110. (Related: In sudden turnaround, Biden administration allows oil and gas companies to drill on federal lands… but it will take YEARS for the oil to flow.)

Gas prices still vary from state to state. But the most expensive average prices can be found in California and Nevada, where a gallon of gas costs over $5. The cheapest gas can be found in Georgia and Kansas, where a gallon is hovering at around $3.9.

In some places, such as New York City, motorists are already paying upwards of $6 for a gallon.

Biden’s solution is to impose price controls on gas

The Democratic Party’s main proposal to keep the price of gas low is to grant President Joe Biden the power to enact price controls.

House Speaker Nancy Pelosi said it is going to introduce a bill enabling the president to issue an emergency declaration that would make it illegal for oil companies to set “unconscionably excessive” or allegedly exploitative gas and home energy prices.

“This is a major exploitation of the consumer, because this is a product the consumer must have,” said Pelosi during a press conference on Thursday, May 12, where she repeated her claim that oil companies are taking advantage of Americans.

“Congress needs to be doing all it can to bring down costs for American families,” said Democratic Rep. Kim Schrier of Washington. Schrier introduced the bill in the House with Rep. Katie Porter of California.

“What’s infuriating is that this is happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit. This must stop.”

The Democrats and Biden are going through all of these steps to prevent corporations from reacting to the international market rather than working with them to increase the supply of gas and naturally lower prices.

Just recently, the Biden administration canceled several oil and gas drilling permits in the Gulf of Mexico and Alaska, dealing a severe blow to the potential of domestic fuel production to increase.

But as Ed Morrissey of HotAir noted, enacting price controls will only force oil companies to retreat from the market due to their inability to make a profit.

“Price controls do not eliminate ‘price gouging.’ They artificially cap prices to a point where producers and retailers can’t profit off of their work,” wrote Morrisey. “Production inevitably falls off, which then requires sharp rationing of shortage resources, as we also saw in the 1970s.”

Fortunately, this proposed legislation is unlikely to become law even if it passes in the House. Once this hits the Senate floor, it will immediately be filibustered by Senate Republicans.

For more news about gas and energy prices, head over to FuelRationing.news.

Watch this highlight video from InfoWars as the network talks about the rising price of gas in America.

This video is from the InfoWars channel on Brighteon.com.