TAMPA, Fla. (WFLA) — At a gas station in Tampa, Matt Lee is filling up his tank. The price at the pump is some of the least expensive in the area. Still, the current high price of gas is forcing Lee to make changes.
“It does change what I do,” Lee said. “I stay at home more and go out less. I mean, every cent counts.”
On Thursday, U.S. Secretary of Energy Jennifer Granholm traveled to Tampa to promote new technology that will allow Tampa to harness some of the power of the Hillsborough River at a dam and use the power to generate electricity.
The electricity will be used by the city to hold down costs at a nearby water plant. After Granholm spoke about the project, she faced questions about the high price of gas.
“Our prices are ridiculously high,” Granholm said. “If you went to Singapore you would be paying $9.05 per gallon. If you went to Canada you would be paying over $6.00 per gallon equivalent.”
The Secretary said many world leaders are facing the same questions.
“Our prices are ridiculously high. If you went to Singapore you would be paying $9.05 per gallon. If you went to Canada you would be paying over $6.00 per gallon equivalent,” said Granholm.
She said the high price of gas is due to the war in Ukraine and increased world demand as many nations are coming out of the pandemic and starting to use more fuel.
“All of these countries, including the United States, like Canada, like the European Union, have said, ‘we’re not going to take Russian Oil because we’re not going to finance Putin’s war on Ukraine.’ That pulls all of those barrels off the market. Supply and demand means when the supply goes down, the price goes up,” Granholm said.
The Secretary said President Biden is doing everything he can to keep the price of gas down.
“So here in the United States, what the President has said is he is going to use the biggest tool in his arsenal, which is the strategic petroleum reserve and he’s releasing one million barrels per day on that market so we at least try to stabilize prices,” Granholm said.
Despite the effort, she said forecasters at the department of energy expect gas prices to remain high.
“They say that things might stabilize by the end of this year but that the price of gas is likely to remain above four dollars a gallon,” Granholm said.