Gas prices in the United States are at record highs. And even when adjusting for inflation, they are on average at levels rarely seen in the last 50 years, including during the energy crisis of the late 1970s.
When fuel prices go up, consumers are hurt directly at the pump, but also indirectly when higher transportation costs raise prices on everything from food to diapers to construction materials.
The single biggest factor driving the spike now is the price of crude oil. As of April, according to the Energy Information Administration, the cost of the raw material accounted for 60 percent of the price of a gallon of regular gasoline.
That compares to 52 percent the same time a year ago, and just 25 percent in April 2020 — when the pandemic sapped demand for fuel, along with most other goods and commodities.
Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years.
Everyone seems to have a favorite villain for the high cost of filling up.
Some blame President Joe Biden. Others say it’s because Russian President Vladimir Putin recklessly invaded Ukraine. It’s not hard to find people, including Democrats in Congress, who accuse the oil companies of price gouging.
Crude prices tumbled during the pandemic, even going negative at one point, but demand has come roaring back.
Oil prices have gained even further recently on hopes China, the world’s largest consumer of energy, would ease some of the restrictions and lockdowns imposed during a spike of Covid-19 cases, though the country went back on a a state of alert this week.
Gas prices have been a big driver of inflation, which has surged to its highest rate in nearly 40 years.
The pain at the gas pump is putting a serious dent in many household budgets and it’s also starting to force people to adapt.
The current average price for a gallon of regular gasoline in the United States is $4.95, up from $3.06 this time last year, according to AAA. The highest average price is in California at $6.34 as of publication time and 10 states have surpassed $5.
In a brief but heavily critical appearance on Fox News’ Jesse Watters Primetime on Tuesday, the Louisiana lawmaker attacked a number of leading Democrats while making the cocaine quip. Kennedy told Watters that when he feels “inadequate, I just look around” at his colleagues in Washington, D.C. “On really bad days, I see liars and frauds and meatheads and every direction.”
The senator criticized Treasury Secretary Janet Yellen’s recent remarks in which she said the country’s decades-high levels of inflation will remain high, and not “transitory” as she previously claimed.
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.