Climbing Fuel Costs Attain New File As California Nears $6 Common

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Gas prices hit a nationwide average of $4.48 a gallon on Monday, marking a new high after diesel prices set their own record of $5.56 a gallon on Sunday, according to AAA’s gas tracker.

Rising gas prices will soon lead to even higher prices across the economy as transportation and manufacturing become more expensive in a new era of inflation. Last week, Labor Department figures showed that inflation rose 8.3 percent last month, the fastest in over 40 years. California residents pay the highest prices in the country, averaging $5.98 per gallon and more than $7 near Yosemite National Park.

The rising costs reflect the political consequences of the Biden administration, which enthusiastically gave up its energy independence within 15 months of taking office in the name of the imminent threat of climate change. Last week, the President continued to anger the oil and gas industry by canceling more energy projects across the country, even as consumers face real gas prices not seen in almost 15 years.

Monday’s record-breaking prices come a day after President Joe Biden’s “unprecedented” release of the country’s strategic emergency oil reserves began pumping oil into the market. In April, Biden announced he would order 1 million barrels a day drained from emergency stocks for six months with no plans to replace the lost crude. However, an attempt to artificially lower gas prices in a nation that consumes 20 million barrels a day has already failed to keep costs from reaching unprecedented levels. Biden’s previous use of emergency reserves to conserve political capital ahead of the November midterm elections also failed to keep gas prices low for long.

Biden’s refusal to unlock America’s energy potential has continued to devastate the economy as oil and gas production is stifled with no sign of reversing. Last month, the Home Office announced the agency would be reluctant to proceed with leasehold sales to drill state land, with important caveats. The area available for bids is only 20 percent of the lands originally nominated before Biden’s illegal suspension was implemented. Companies will also be forced to pay 50 percent higher royalties on what is mined, raising production prices that will ultimately be at the expense of consumers.

As the Interior Department is auctioning off new drill leases to comply with a federal court order, White House officials have made it clear the administration has no plans to push them through.

“President Biden remains firmly committed not to advance any further drilling on public lands,” White House climate adviser Gina McCarthy promised on MSNBC last month.

Tristan Justice is The Federalist’s western correspondent. He has also written for The Washington Examiner and The Daily Signal. His work has also been featured on Real Clear Politics and Fox News. Tristan graduated from George Washington University, where he majored in Political Science and minored in Journalism. Follow him on Twitter @JusticeTristan or contact him at [email protected]