Gas Prices Rocket to 12th Consecutive Record-Day High

Gas prices on Thursday rocketed to a twelfth consecutive record-day high of $4.97, AAA data revealed.

Rising two cents overnight, gas prices have risen 26 cents in one week and 65 cents in a month. Prices have more than doubled since Donald Trump left the White House.

JPMorgan commodities analyst predicted gas prices may increase to more than $6.00 per gallon before Labor Day. Gas is most expensive in California ($6.40), Nevada ($5.58), and Washington State ($5.51).

Gas prices are not expected to come down anytime soon. Treasury Secretary Janet Yellen on Tuesday claimed the Biden administration has exhausted efforts to reduce energy costs for American citizens. Yet President Biden’s war on American energy continues.

Biden’s ongoing war on American energy includes driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline.

American energy prices have fueled inflation. On Wednesday, Biden told ABC’s late-night host Jimmy Kimmel that “inflation is the bane of our existence. Inflation is mostly in food and in gasoline, at the pump.”

Inflation has risen the cost of living for Americans. According to June’s BMO Real Financial Progress Index survey, the costs are changing consumer habits:

• 42% are changing how they shop for groceries. This includes opting for cheaper items, avoiding brand names and buying only the essentials.
• 46% are either dining out less or consciously spending less when dining out.
• 31% are driving less to offset the soaring cost of gas.
• 23% are spending less on vacations or canceling them altogether.
• 22% are taking measures such as canceling subscriptions to the gym, cable, etc.

Inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg.

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