ELMIRA, N.Y. (WETM) – Across the country, filling your car with gas means digging deeper into your wallet. According to the United States Energy Information Administration, the price is nearing a decade-high.

Economists told 18 News there is a multitude of reasons behind the high prices. At its core, supply and demand are, and always have been, the reason for the fluctuation in prices.

“You’ve got more people traveling, more people back on the road for work and you’ve got the air travel kicking back up,” Financial Advisor Matthew Burr said.

Burr said that, on top of Russia’s assault on Ukraine and mounting sanctions implemented by the United States, is adding up.

Economists argue part of the reason for the rising price is a result of President Biden’s energy policies. However, according to the non-profit organization “Public Citizen,” Biden approved more drilling permits on public lands per month than the Trump Administration did in three years. Biden said part of the reason for high fuel prices is a result of corporate greed.

Some states, such as New York, are launching a “rulemaking process” to determine whether companies, like Chevron and Shell, are taking advantage of COVID-19 and inflation to unjustly raise the price of basic goods.

According to the Attorney General’s Office, since the pandemic began, public reporting has highlighted instances of major corporations increasing costs of goods, despite experiencing record-high revenue. 

Economists are also quick to point out that the U.S. is producing less fuel now than in years past, particularly as a result of the pandemic.

“The world uses oil is 100 million barrels [of oil] a day, the United States uses 20 million barrels a day,” Economist Martin Cantor said. “We used to be producing 13 million barrels a day, we’re down to 11 million barrels a day.”

Economists said that they’re confident the cost of fuel will only continue to rise throughout the summer and possibly into the remainder of this year.

“We’re easily going to see in the $5 per gallon very shortly because we’re almost at $4,” Cantor said, citing that parts of California are already paying over $6 per gallon of gas.