Politico: Biden will face an “energy nightmare” due to rising US gas prices

The US President Joe Biden and his administration predicted an “energy nightmare” due to rising gas prices in the country, according to Politico.

The American edition believes that while Biden was trying to fight high gasoline prices, another problem arose in the energy sector – rising gas prices. It is noted that the cost of gas has risen to the highest level in more than a decade, this has led to an increase in costs in everything from heating houses and cooking to the production of chemicals and fertilizers, Politico said.

The rise in the cost of “blue fuel” will contribute to higher inflation, while the Biden administration has little leverage to combat the increase in the cost of gas, unlike the situation with oil, the material says.

 In the beginning of May, US gas prices rose to $8.653 per million British thermal units (MMBTU) – the equivalent of about $310 per thousand cubic meters. We are talking about a price that is twice as high as it was at the beginning of the year and largely exceeds the average data over the past 10 years – $ 3 per MMBTU.