Industry insiders are warning Americans of the likely possibility gas prices will pass $6 a gallon in many places by August, a crippling blow to millions of families already struggling with record-high inflation and food costs.
From Fox News:
The national average cost of a regular gallon of gasoline hit $4.589 early Thursday morning. This price topped Wednesday’s previous record of $4.567, which had beat Tuesday’s record of $4.523, which in turn had beat Monday’s record of $4.470.
The price comes as the European Union edges toward oil sanctions on Russia amid the Kremlin’s invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.3% in April, hovering near March’s 40-year high. The price hike also follows the Department of the Interior’s cancellation of an oil and gas lease sale for over 1 million acres in Alaska’s Cook Inlet last week, which DOI attributed to a “lack of industry interest.” DOI also canceled two Gulf of Mexico leases.
The White House has blamed Russian President Vladimir Putin for the record-high gas prices in the U.S., even coining the surge as the “#PutinPriceHike” and vowing that President Biden will do everything he can to shield Americans from “pain at the pump.”