The Ukraine war has hit the average Americans hard, and the economic hardship resulting from the war in Europe is projected to worsen further. It has been projected that the national average price of gas will soon scale past $4.80 by Sunday.
This will be twice as much as the price recorded the day when President Joe Biden took office as the President. Biden was at the forefront of world leaders who supported Ukraine during Russia's war build-up at the beginning of the year. Biden also sent a massive cache of weapons to Ukraine, apart from offering hundreds of millions of dollars in financial assistance.
Prices Doubled Under Biden's Watch
According to the Washington Times, the average price of a gallon of gasoline was $2.40 on Jan. 20, 2021, the day when Biden took office. On Friday, the national average gas price hit $4.78.
For some more context, a week into the Ukraine war, the US national average gas price was hovering around the sensitive $4 mark. The price topped $4 a gallon on March 6, which was the first time in more than ten years the price was hitting that level.
The report cites a projection based on the Department of Transportation's data on the average drive patterns of the Americans to conclude that people are projected to spend about $3,060 per year at the current prices, whereas they would have spent only about $1,540 per year at the prices at the beginning of 2021.
"Joe Biden's war on American energy has forced families across the country to empty their wallets to fill their tanks ... Unfortunately, Biden is doubling down on his disastrous agenda because he's not the one paying the price â the American people are," Republican National Committee Chair Ronna McDaniel said.
Average Price Hits 6.19 a Gallon in California
According to Oilprice.com, gas prices went up by 48 cents in the past month alone. The report, which cited AAA figures, said it is now 32 percent costlier to fill up the tank than it was before the Russian war on Ukraine started.
The report shows that as many as seven US states have average gasoline prices already above the staggering $5 mark. In California, the average gas price has hit 6.19 a gallon. None of the states has average gas prices lower than $4.15 or lower.
Earlier last week, the Lipow Oil Associates had predicted that the national average was projected to hit $4.75 in the next 10 days.