Gas Prices Continue Rising, End Uncertain
Local gas prices have continued to climb in several communities around the Riverbend despite actions by the Biden administration aimed at keeping gas prices under control. In his State of the Union address on March 1, President Joe Biden announced the United States would join its allies in releasing 60 million barrels of oil from global reserves, including 30 million barrels from the United States. “We stand ready to do more if necessary, unified with our allies,” Biden said. “These steps will help blunt gas prices here at home.” Since then, gas prices have increased by more than 50 cents per gallon for regular unleaded in some local communities. Riza Demirer, a professor of Economics and Finance at SIUE, said this was a temporary measure from the start. He also said fuel prices are driven by global predictions of supply, which aren’t exactly optimistic as Ukrainian-Russian unrest continues. “Strategic reserves are limited, and oil traders