MIAMI – As gas prices continue to rise, having hit $5 a gallon nationally, there may be some help on the way.
The Biden Administration called on seven U.S. oil refiners to ramp up production and stop making “historically high profit” off Americans.
There are four main components that determine the price that you pay at the pump, but roughly two-thirds of what you pay for is based on the price of crude oil, which is up 70% last year.
American oil companies lead the world in crude production, but we still consume far more than we make. As the White House looks for solutions financial experts say as gas prices go up, consumers can expect the price of everything else to go up.
“The biggest driver of inflation everywhere is energy prices and how it’s flowing through the economy. So even as goods prices are going up, they’re really driven by higher energy prices,” said Liz Miller, President of Summit Place Financial Advisors.