Gas prices reach record highs as Biden says global forces are to blame
Source: Washington Post
President Biden on Tuesday sought to reassure Americans the administration has a viable plan to fight inflation as gas prices Tuesday surged to a new high despite White House efforts to stabilize them. The average price for a gallon of gas nationwide 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.”
He outlined his latest plan to reduce the price pressures throughout the economy that have badly damaged his popularity. He also has tried to place blame for the nation’s economic challenges on Republicans, pointing to a plan released this year by Sen. Rick Scott (R-Fla.) for a minimum federal income tax. About half of Americans do not pay federal income taxes because they do not earn enough.
“My plan is to lower everyday costs for hard-working Americans and lower the deficit by asking corporations and the wealthiest Americans not engage in price gouging and pay their fair share,” Biden said. He accused the GOP of pursuing an agenda that would instead raise taxes on working class voters.
Read more: https://www.washingtonpost.com/business/2022/05/10/gas-prices-are-up-again-putting-biden-fresh-bind/
= new reply since forum marked as read
when Saudi and Russia engaged in a production/price war (meaning they had so flooded the market, in the middle of a pandemic with most of the world shut down, it meant being stuck offering to pay that much for someone to store it all).
IMHO, some of this going on today is making up for those brief "losses".
