Gas Prices Soar to 11th Consecutive Record-Day High of $4.95

Gas prices over $5.00 a gallon are displayed at gas stations in New Jersey, USA, on June 7, 2022. (Photo by Lokman Vural Elibol/Anadolu Agency via Getty Images)
Lokman Vural Elibol/Anadolu Agency via Getty Images

Gas prices on Wednesday reached an eleventh consecutive record-day high of $4.95, AAA data shows.

Increasing another four cents overnight, prices have risen 28 cents in one week and 64 cents in one month. Prices have doubled since Donald Trump left office.

According to a JPMorgan commodities analyst, gas prices are expected to increase to more than $6.00 per gallon before Labor Day. Gas prices are already averaging over $6 in California. Eighteen states are hovering around $5 per gallon.

Treasury Secretary Janet Yellen on Tuesday claimed the Biden administration has exhausted efforts to reduce energy costs for American citizens. “The administration has done everything that they can” to reduce energy prices, she claimed.

But Yellen ignored President Biden’s war on American energy, which includes driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline. Instead, Yellen blamed coronavirus and the Ukrainian war for the price spikes.

As gas approaches $5 per gallon, Biden’s Chief of Staff Ron Klain celebrated last year when he discovered gas prices would sink below $3 per gallon. Seven months later, gas prices have soared with the November midterm elections just around the corner.

According to Sunday polling, 74 percent of respondents said Biden’s soaring gas prices are an “extremely/very important” factor in how they will vote in the midterm elections. Gas is expected to cost Americans an extra $450 in 2022.

Similarly, 80 percent of Americans said inflation is an “extremely/very important” factor in how they will vote in the midterm elections, a recent ABC News/Ipsos poll revealed.

Inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg. Inflation will also delay 25 percent of Americans from retiring, a BMO Real Financial Progress Index survey revealed.

Follow Wendell Husebø on Twitter and Gettr @WendellHusebø. He is the author of Politics of Slave Morality.

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