The national average price for a gallon of gas is projected by Sunday to top $4.80, twice as much as the day President Biden took office.
It is a staggering milestone that underscores both the everyday pain inflation inflicts on Americans and the difficult months ahead for Democrats seeking votes in November.
The average price per gallon was $2.40 on Jan. 20, 2021, based on an average of the leading fuel-monitoring services. The average price on Friday was $4.78 and market analysts expected it to tick up at least 2 cents over the weekend.
The average American drives 13,476 miles per year, according to the Department of Transportation. That means owners of the Ford F-series — the most popular truck in 2021 — on average would spend roughly $3,060 per year at today’s price point compared to about $1,540 per year at $2.40 per gallon. For Honda Civic drivers, that would mean roughly $1,950 compared to approximately $980 in 2020.
Mr. Biden this week conceded that there is little his administration can do in the interim to provide relief on rising energy costs and other everyday items. He warned Americans that inflation across the economy is — at least for now — here to stay. --->READ MORE HERE
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Gas prices reached a national average of $4.76 per gallon Friday in another five-cent leap to cap off a week of soaring pressure at the pump in a post-holiday surge with new records set daily.
Prices for regular unleaded were $4.62 on Tuesday, according to AAA travel agency’s gas tracker, rising rapidly beyond the traditional Memorial Day peak. Prices for diesel also eclipsed their prior record set in May, averaging $5.58 per gallon Friday.
“[When] it comes to the gas prices, we’re going through an incredible transition that is taking place,” President Joe Biden said in Japan last week. “When it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels.”
Beyond sticker shock when filling up, Americans are paying for higher fuel costs by way of higher prices for goods and groceries that are now more expensive to produce and ship. According to the latest data from the Department of Labor, overall prices are up 8.3 percent from last year, the fastest pace in 40 years. Energy is up more than 30 percent. Analysts at JPMorgan Chase predict Americans could face an average $6.20 per gallon by August. Residents in California already surpassed the average $6.20 per gallon to fill up this week. --->READ MORE HEREFollow links below to relevant/related stories:
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