Gas prices are headed to $6 by Labor Day — here are the main reasons for that

Gas prices are headed to $6 by Labor Day — here are the main reasons for that
·7 min read

President Biden’s recent letter to refiners to complain of high gasoline prices is the only positive action he can take on behalf of consumers. Here’s why: shrinking U.S. refining capacity even as oil (CL) output recovers from COVID-19 pandemic lows, and a well-known shift in European demand away from Russia has cut into U.S. stockpiles more deeply than many realize. The first big policy shift occurred in 1973 — the year Biden joined the Senate — when President Nixon removed President Eisenhower’s oil import quota to fight inflation.