Gas prices jump in Keystone Pipeline cancellation fallout

Oil demand is at record highs in the U.S., but domestic oil producers can't or won't catch up because they have been canceled by the Biden administration, which is feeling the sting of its own anti-energy policies.

Prices at the pump hit a seven-year high of $3.41 per gallon as oil topped the $92- per-barrel level. 

President Biden, who canceled the Keystone Pipeline on his first day in the White House, continues to chip away at America's energy industry. 

Drilling moratoriums, threats for fossil fuel investors and desperate appeals to OPEC for help have contributed to rising energy prices, a major component of the inflation spike.