05/10/2022

Gas Prices Reach Record Highs

Meanwhile, President Biden vows that inflation is a top priority

President Biden on Tuesday said tackling inflation is his top economic challenge as gas prices surged to a new high despite White House efforts to stabilize them.

The average price for a gallon of gas nationwide has hit $4.37, the highest price AAA has recorded since it started keeping track in 2000. And in California, it is $1.54 higher than that. This is not the most expensive gas on record, when adjusted for inflation, but the increase comes despite Biden’s ordering the use of a million barrels per day from the Strategic Petroleum Reserve a little over a month ago. The administration’s move to allow more ethanol into the nation’s fuel supply hasn’t brought much relief to consumers, either.

“I know families all across America are hurting because of inflation,” Biden said Tuesday in a speech at the White House complex. “I want every American to know that I am taking inflation very seriously.”

Please select this link to read the complete article from The Washington Post.