Connect with us

Hi, what are you looking for?

Politics

Out-Of-Control Gas Prices on Track To Reach $5 Per Gallon By Week’s End

According to AAA, the national average price for regular gasoline climbed more than four cents on Thursday to $4.91 a gallon, climbing more than 64 cents in a matter of weeks.

At the current rate of increase, prices are set to reach $5 per gallon by the end of this week, something many, like GasBuddy, have predicted for weeks.

The number is more than double the average cost per gallon a year ago. Gas prices have continued to climb during Biden’s presidency and as millions of Americans are poised for summer travel.

For perspective, before this surge, the previous highest price in the Energy Information Administration records was $4.11, in July 2008. (Adjusted for inflation, that would be $5.52.)

According to GlobalPetrolPrices, the U.S currently ranks 67th out of the 170 countries that the company tracks. Venezuela is the least expensive at $0.08 per gallon, while Hong Kong ranks the most expensive at $11.20 a gallon. 

This week’s surge will only add to inflationary pressures that have boosted fears of a national recession, hammered financial markets, and caused Americans’ views on the economy to become fearful.

Gas prices had dropped as low as $4.07 a gallon in April after President Biden ordered the release of oil from emergency reserves and as oil prices cooled off. However, as some industry analysts predicted, that relief proved to be short-lived.

According to the U.S. Energy Information Administration, gas prices, adjusted for inflation, would have to rise above $5.30 a gallon to break the records set in 2008.

The post Out-Of-Control Gas Prices on Track To Reach $5 Per Gallon By Week’s End appeared first on The Gateway Pundit.

You May Also Like

Politics

100 Percent Fed Up Exclusive – Hero and American treasure, Barry County Sheriff Dar Leaf and the Barry County Sheriff’s Office is suing MI...

Economy

THE Department of Finance (DoF) said the international community must continue to aid low- and middle-income countries, noting the need for further support coming...

Economy

THE Philippines’ plans to develop its renewables industry will require an easing of land ownership restrictions currently in place for foreigners, Bain & Co....

Politics

In May Dinesh D’Souza and Salem Media released the much-anticipated movie “2000 Mules” on the 2020 presidential election heist. The movie revealed how thousands of...

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2022 FutureMoneyFate.com All Rights Reserved. Spirit