U.S. gas prices are soaring again, posing another challenge to an inflation problem the Federal Reserve has battled over the past year and Joe Biden claimed is all under control thanks to the much-touted “Bideonomics.”
The least expensive gas is in Mississippi, where the average price is $3.33 a gallon.
Gas demand decreased slightly from 8.94 million to 8.84 million barrels a day, according to new data from the Energy Information Administration as cited by the outlet. The surge in gas costs to a nine-month high follows a 20 percent jump in global crude prices this summer, after Saudi Arabia and Russia slashed supply, theThe move has revived predictions of $100 a barrel oil this year — and new worries about the political fallout for the Biden White House.
“The White House is in full-blown panic mode,” Bob McNally, head of Washington-based consultancy Rapidan Energy Group and a former adviser to president George W Bush, told the“Any sitting president is threatened when pump prices go up because of the impact on consumer confidence and the president’s approval rating.”
Inflation is the number one issue and Republicans have a big lead over Democrats when it comes to bringing it down.
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