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Gas Prices Soar in Some States Despite Biden’s 1 Million Barrel Release

Gas Prices Soar in Some States Despite Biden’s 1 Million Barrel Release

Gas Prices Soar in Some States Despite Biden’s 1 Million Barrel Release

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The people of America always travel a lot during Memorial Day weekend, and in anticipation of all that movement, gas prices were expected to increase.

To prevent this, Biden vowed to release a million barrels of gasoline. It was effective in some states, but in others, gas prices experienced a hike. Analysts now warn that those prices may continue to rise as more Americans travel nationwide.

It Was Ineffective in Michigan

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Michigan is one of the states that experienced an increase in gasoline prices at its gas stations this past weekend. The value saw a hike of about 11 cents compared to prices from a week ago. As it stands, getting a gallon in the state will cost you $3.66.

The Increase in Michigan Also Happened Last Year

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Michigan also saw a similar increase in gas prices across its gas stations last year around the same time. The only difference is that 2023’s prices were lower by four cents despite happening on Memorial Day, just like this year’s. 

Analysts Saw It Coming

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Given how the gas spikes happen around this time every year, it was not hard to predict. Analysts sounded the alarm long before it occurred, warning Michigan and other state residents that a gas price spike would likely happen during the Memorial Day weekend as there would be a lot of movement. 

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Prices Are Expected To Fall

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The gas price hike across states happened because of increased demand due to all the traveling people did for Memorial Day weekend. So, it stands to reason that pump prices should return to normal when demand drops along with falling crude oil prices. 

Other States That Witnessed Gas Price Hikes

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Aside from Michigan, other places that saw an increase in gas prices during the busy weekend include Minnesota, Florida, and Pennsylvania.

Prices of gasoline are expected to fall as things go back to normal, but that is a tentative presumption as there is also a lot of traffic as people travel for the summer, which means they could also stay high. 

The Release of One Million Barrels

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Biden decided to help reduce the pressure the hike would put on people’s finances by releasing one million barrels of gasoline from the nation’s Northeast reserve in anticipation of the busy travel season expected this summer, starting with the Memorial Day weekend traffic.

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The Release Won't Happen All At Once

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The barrels scheduled for release will not all hit the market at once. Reports claim the sale will happen in increments of 100,000 barrels. It will also only be sold from sites in two major areas: New Jersey and Maine.

What Critics Think About the Move

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Some analysts think Biden’s action is unnecessary and will not lower gas prices for most citizens. Those who stand to benefit the most from the release are those in the Northeast; however, analysts predict that other areas of the country probably won’t enjoy these lower prices.

Higher Gas Prices May Become the Norm

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According to analysts, gas prices may continue to climb this summer thanks to increased demand. This may become the new norm for the summer as more people are likely to travel, thereby consuming more gas than they usually do. 

It May Be A Busy Summer Season

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Since COVID-19 became a relic of the past, more people have returned to taking road trips, and this behavior is more consistent with the summer period. As such, analysts believe the coming months will see an increase in travel and demand for gas. 

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Gas Is an Essential Commodity

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While recent inflation has taught many Americans to be cautious when it comes to spending, analysts believe they will continue to pay for gas regardless of how high it gets. They have little choice as most vehicles need gas to function, making it an essential commodity not unlike food and water. 

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