At the gas station near my home in Burbank, California, gas prices last week were an astronomical $6.50 per gallon, much higher than the nationwide average of $4.67, and just above the statewide average of $6.19 per gallon. Filling up the tank can cost a shocking $100. Working families cannot afford this, and it doesn’t have to be this way.
The reasons for high gas prices are many and intertwined. Our economy’s rapid recovery from COVID-19 has led to a surge in demand, as people resume their pre-pandemic lives. Meanwhile, some in the oil industry are struggling to keep pace after shuttering older and less profitable refineries across the country when the pandemic first hit.
These factors became even more apparent in per-gallon prices as we entered the peak driving season last weekend and companies began switching over to their costlier summer fuel blends. And of course, Vladimir Putin’s brutal invasion of Ukraine prompted many countries to boycott Russian oil imports, further reducing global supply.
