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Gas Price Soars over $5 Per Gallon in San Francisco

Russia's invasion of Ukraine sees prices skyrocket to record highs

 on 6th March 2022 @ 6.00pm
gas prices are soaring to new highs amid russia s invasion of ukraine © press
Gas prices are soaring to new highs amid Russia's invasion of Ukraine

San Francisco has just become the first city to see gas prices soar beyond the $5-per-gallon mark.

On Friday, oil prices hit $115 a barrel, raising gas prices across the country yet again.

The skyrocketing prices come as Russia's invasion of Ukraine continues to impact Americans filling up at the pump.

According to Fox Business San Francisco, California, has become the first city to record gas prices higher than $5 a gallon.

While San Francisco is seeing more than $5 a gallon, the state average for a gallon of regular gasoline in California is $4.94.

The cost marks a substantial increase over the national average of $3.728.

americans are being hit hard with soaring gas prices © press
Americans are being hit hard with soaring gas prices

“It’s been quite ugly as gas prices rise nationally, but nowhere has the pain been more significant than California, where prices have breached the $5 gallon mark,” Patrick De Haan, head of petroleum analysis for GasBuddy, told Fox late last week.

De Haan went on to warn that San Francisco’s gas prices would hit $5.35 per gallon by the end of the month.

Fox Business also reported that “the United States and other major governments agreed to release 60 million barrels of crude from stockpiles to stabilize supplies, but it failed to calm anxiety over Russia’s attack on Ukraine as oil prices still rose.”

De Haan, however, was not convinced the release of barrels would do much to help stabilize gas prices, saying the loss of 10 million barrels a day of oil production “can’t be offset by meager releases of oil.”

“It would likely need to be more like 100-200 million barrels to have much effect,” he told Fox Business.

The Biden administration has struggled with inflation and rising gas prices, choosing not to use Republican solutions to fix the problems and, instead, doubling down on Democratic platitudes.

Corporate media pundits, Democratic politicians, and even Transportation Secretary Pete Buttigieg have suggested or been open to buying oil from Iran, a country that sponsors terrorists and refers to America as “the great Satan.” 

“Could the president possibly consider authorizing the Keystone XL pipeline, working something out with Iran?” MSNBC’s Stephanie Ruhle asked Buttigieg on Wednesday night’s episode of “The 11thHour.”

“Look, the president has said that all options are on the table,” replied Buttigieg, a former mayor of South Bend, Indiana.

“But we also need to make sure we’re not galloping after permanent solutions to immediate short-term problems,” he said, possibly out of concern that reviving the U.S. energy sector may retard the Biden administration’s attempt to force Americans into relying on renewable energy sources.

joe biden is refusing to increase domestic output  despite soaring import costs © press
Joe Biden is refusing to increase domestic output, despite soaring import costs

Rep. Claudia Tenney (R-NY) responded to Buttigieg’s response by calling it “a word salad of bureaucratic BS.”

She adds that the “left-wing in Washington is doubling down on energy illiteracy instead of learning more about real energy security solutions.”

The idea of buying oil from Iran – rather than producing more oil at home like America did under the Trump administration – was also suggested by MSNBC’s Chris Hayes.

Hayes said “this is one possible solution” for those who wanted to cut off Russia’s oil revenues and are “worried about inflation and spiking oil prices,” in response to a tweet from The American Prospect’s Ryan Cooper, who tweeted: “Iran has 103 million barrels of oil loaded up on tankers and ready to go.”

[RELATED] Elon Musk Calls on Biden to 'Increase Oil & Gas Output Immediately'

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tags: economy | Joe Biden
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