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.”
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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.