Inflation continued to hammer Americans financially this week with new data showing gas prices are now higher than any time in US history.
“Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season,” reports Reuters.
The average cost per gallon rose to $4.37, smashing the former record price of $4.31.
“Refinery closures due to both scheduled maintenance and unplanned upsets have boosted fuel prices even as the United States and other nations have taken steps to boost worldwide crude supply. Global fuel stockpiles are dwindling as demand has rebounded to pre-pandemic levels. Supplies tightened further following the invasion of Ukraine and subsequent sanctions on Russia from the United States and allies,” adds the global news outlet.
NY gas prices hit record high as inflation slams wallets https://t.co/IKizmCt1GG pic.twitter.com/NWeUk2FRl4
— New York Post (@nypost) May 10, 2022
In New York City, the average price for a gallon of gasoline jumped to $4.67. Some stations in the Big Apple are already charging $6, according to AAA.
Read the full report here.
The headline blames the president for high gas prices, and the article explains how the president has NOTHING to do with the rise in gas prices. It’s almost like you are being disingenuous. You wouldn’t do that, would you Joe?
The current president, and any past president, has almost ZERO control on the price of gas despite what they may claim. We live in a global economy and it is a global commodity. It’s basic supply and demand. This is the invisible hand of the free market dictating prices… Isn’t this what conservatives want?
And just to head off any of the right-wing talking points about pipelines and drilling leases, please see this:
“[Biden] issued more than 3,500 new permits to drill on federal lands in its first year. That’s 34 percent more than the Trump administration did in its first year.” “[It] would have taken years for Keystone XL to be fully operational, so its increased supply would have no bearing on current gas prices.”
Have a wonderful day!
Also, the price of gas in the United States is in the middle of the global average. As it usually is. Is Biden to blame for rising gas prices around the entire world???