As predicted by the Biden administration, the price of a gallon of gasoline will decrease below $3 by the end of 2021. In contrast, gasoline prices had more than doubled by July 2022, seven months following President Joe Biden's inauguration.
According to CNN's citation of Biden's Energy Information Administration (EIA), oil production is likely to exceed consumption.
With gas prices finally beginning to decline, the government predicts that this trend will accelerate substantially in the coming months.
The US Energy Information Administration stated on Tuesday that January gasoline prices are likely to decline to $3.01 per gallon. In 2022, the estimated average price per gallon of gasoline is $2.88.
Omicron oil is gaining in popularity, and the EIA anticipates that global oil supply will grow faster than demand next year. Demand for Covid-19 has surged over the previous 18 months, but supply has been unable to meet up. This would be an entire reversal of the trend.
Not only did Biden's EIA forecast prove to be wholly erroneous. Citigroup posited that “the energy boom” that was “fanning the flames of inflation is over.” The Biden administration will forever be characterized by inflation. In May, the Consumer Price Index reached a 40-year high, while the Bureau of Labor Statistics says that petrol prices have increased by more than 48 percent over the past year.
Not all large banks miscalculated gas prices. CNN said that JPMorgan anticipated gasoline prices to rise to $5 per gallon as a result of an increase in the price of oil.
According to JPMorgan, the average gas price in June was $5. Now that inflation is taken into account, Biden's EIA anticipates that gas prices in the United States will increase by $450 by 2022.
JPMorgan forecast earlier this year that gasoline prices may reach $6 per gallon by the end of summer.
The preceding is a summary of an article that originally appeared on BREITBART.