Gas prices went up again this week, reaching yet another new high.
The national average price of a gallon of gas is now over $4.50 and this is now solidly part of Joe Biden’s legacy.
Gas prices are in turn, driving up the cost of everything else. It’s an inflation snowball effect.
FOX Business reports:
Gas prices reach new record high, shoot up 4 cents overnight
Average gas prices in the U.S. reached a new record high Wednesday, according to AAA’s gas price calculator.
The national average cost of a regular gallon of gasoline hit $4.567 early Wednesday morning. This topped Tuesday’s record of $4.523, which in turn had beat Monday’s record of $4.470.
The price comes as the European Union edges toward oil sanctions on Russia amid the Kremlin’s invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.3% in April, hovering near March’s 40-year high.
The White House has blamed Russian President Vladimir Putin for the record-high gas prices in the U.S., even coining the surge as the “#PutinPriceHike” and vowing that President Biden will do everything he can to shield Americans from “pain at the pump.”
Biden, last month, announced that the Environmental Protection Agency will allow the sale of E15 gasoline – gasoline that uses a 15% ethanol blend – across the country this summer. Biden has also moved to release 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next 6 months. The president is also calling on Congress to make companies pay fees on idled oil wells and non-producing acres of federal lands, aiming to incentivize new production.
Some people are predicting that gas will pass $6 a gallon by August.
Gas prices will surpass $6 nationwide by August, JPMorgan says https://t.co/ypzk6NKBVu
— Fox News (@FoxNews) May 18, 2022
How much more of this can people take?
Many are already stretched to the limit.