Warmer weather will send gas prices soaring 'a lot higher,' analyst warns

Joe Biden boasts 10 cent drop in gas prices and reignites Build Back Better act

President Joe Biden said gas prices should be 10 cents lower now after seeing this year the surging price of gas at the tank. The President also looks ahead to 2022 to try to get his Build Back Better on track.

Gas prices will soar higher as a result of warmer weather, summer travelers boosting demand and the blending of summer gasoline, Patrick de Haan, GasBuddy head of petroleum analysis told "Varney & Co." Monday.

"All of the factors are going to point to an upward trajectory when we start seeing the transition, warmer weather, refineries doing maintenance," he said. "All the ingredients are there to hit four bucks a gallon."

The current national average price of regular gas is $3.35 per gallon, a full dollar more than prices were in 2020, according to AAA.

Meanwhile, Democrats are proposing to temporarily scrap the federal gas tax which de Haan doubted would make much of a difference in states like New Jersey where prices at some pumps are exceeding $5 a gallon.

"We’re going to see a lot higher prices in the months ahead," he said. "Even if the Democrats do go ahead and give us a whopping 5% coupon."

Biden administration on fighting gas price hike

White House Press Sec. Jen Psaki said that the Biden administration is looking at every tool in its arsenal to address the increased prices of gas across the country noting the FTC's crackdown on illegal price-gouging as well as conversations with OPEC to increase supply.

Crude oil has also hit a seven-year-high amid tensions between Russia and Ukraine. Former Trump Interior Secretary Ryan Zinke blamed flaring foreign crises on Biden’s energy policy Monday on "Mornings with Maria."

"There’s consequences of… not being in a position where we can leverage our energy resources," he said. "And Russia, at $90 a barrel, they can fund a lot of military operations from the high energy prices. And, unfortunately, we’re paying for it at home."

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