High gas prices are hitting drivers again, making everyday tasks more expensive for many people and letting air from the White House’s sails amid its “Bidenomics” happy talk.
The average for U.S. gas prices hit a headache-inducing high in June 2022, briefly ticking over $5 a gallon after Russia’s invasion of Ukraine crimped global oil supplies and sent fuel costs skyrocketing. But a year later, gas prices had fallen by about 30% due to a slump in the price of crude oil — which accounts for roughly half the price of a gallon of gas.
HOUSING STARTS FALL TO LOWEST LEVEL SINCE 2020 AS MORTGAGE RATES REMAIN HIGH
Now, at the start of the fall, gas prices are rising again. The national average for regular formulation gasoline approaches $3.90. That’s the highest seasonal level in more than a decade. And it reflects a marked change from the usual, annual cycle of gas prices, which typically decline as the summer fades away. But gas prices have actually ticked up over the past month, adding more challenges to the country’s teetering economic situation.
There are two main factors behind the higher oil and g …
Rising gas prices add to consumer pocketbook woes and Biden political headaches
Posted in Economy