U.S. president Joe Biden said Thursday night that gasoline prices are expected to rise into next year because of the policies of OPEC and other foreign oil producers. The average retail price of gasoline in the United States on Tuesday was $3.36 a gallon, according to the American Automobile Association.
It is reported that Biden said gasoline prices are expected to fall in 2022 and believes that "nothing will happen during this period that will significantly lower gasoline prices." At the same time, Mr Biden added that gasoline prices would "eventually" fall as the country switched to renewable energy in the coming years.
Biden's prediction that gasoline prices will remain high echoes those of analysts, who point out that drivers' return to the road has led to a surge in demand. A key indicator of gasoline demand rose to its highest level since the same period in 2007, according to the US Energy Information Administration. In addition, gasoline inventories fell to their lowest level in nearly two years this autumn, while demand for gasoline has usually fallen after the previous summer driving season.