Connect with us

Economy

Gas Prices Hit All Time High Of $4.37 Per Gallon

Published

on

Gas Prices

Gas prices have surged to a new record high of $4.37 per gallon, surpassing a previous record set March 11, according to the American Automobile Association (AAA).

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” AAA spokesperson Andrew Gross said in a statement. “These prices are creeping closer to those record high levels of early March.”

As AAA explained in a new report, new data from the Energy Information Administration (EIA) shows that “total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.”

As gas prices reached record highs in March, Democrat President Joe Biden warned that they were going to continue to “go up,” but he said that he “can’t do much right now. Russia’s responsible [for the rising gas prices.]”

It should be noted that gas prices rose nearly 50% during Biden’s first year in office; rising from $2.42 per gallon in January 2021 to $3.41 per gallon in January 2022 – a month before Russia launched its invasion of Ukraine.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Economy

Report: April 2022 Inflation Was Worse Than Expected

Published

on

The inflation crisis continued to worsen in April, according to new data released by the Bureau of Labor Statistics on Wednesday.

“The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain,” CNBC reported. “That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.”

According to the new CPI report, inflation “increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March… The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”

Due to the rising inflation rate, the real wages of American workers continued to fall over the last year. According to a separate report from the Bureau of Labor Statistics, the “Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”

As noted by CNBC, “Markets had been looking for signs that March’s 8.5% CPI reading would mark the peak in pandemic-era inflation.”

However, the new April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors, according to CNBC.

Continue Reading

Economy

‘You Can Do Both’: Psaki Says Biden Can Unify While Attacking ‘Ultra-MAGA’ Americans

Published

on

Jen Psaki

During Monday’s press briefing, White House Press Secretary Jen Psaki insisted that President Joe Biden could attack supporters of former President Donald Trump while supporting bipartisanship and unity.

“The President and you have talked about the ‘MAGA crowd’ or the ‘ultra-MAGA.’ How does that jive with his desire to be the bipartisan guy?” NPR’s Tamara Keith asked.

“Well, the President’s view is you can do both.  He believes that there is work we can continue to do together,” Psaki responded. “We’re actively advocating for — he was out traveling in — just last Friday on the Bipartisan Innovation Act.  We believe that needs to move forward; it should move forward.  And that can be — can build on the nearly 80 bills that we signed into law last year that are bipartisan.”

“But he’s also not going to stand by and not call out what he sees as ultra-MAGA behavior, ultra-MAGA policies that are out of the mainstream of the country and are not in the interest of the American people, whether that is efforts to prevent a woman from making choices about her own healthcare or whether that is Chairman Scott’s policy and proposals on — that would raise taxes on people making less than $100,000 a year,” Psaki added. “He’s going to continue to call that out.  But he believes there is still a path to move forward on where we have agreement.”

Last week, Democrat President Joe Biden gave a speech attacking what he called the “Ultra-MAGA agenda” as he argued that his economic policies have been beneficial to America. The speech came as inflation continued to be at a 40-year high, resulting in the decline in the real wages of Americans. According to the Bureau of Labor and Statistics, the real average hourly earnings of Americans decreased 2.7 percent from March 2021 to March 2022, and the real average weekly earnings decreased 3.6 percent over the same time.

“I don’t want to hear Republicans talk about deficits and their Ultra-MAGA Agenda,” Biden said. “I want to hear about fairness.  I want to hear about decency.  I want to hear about help on ordinary people. The bottom line is that, for decades, the trickle-down economics has failed as income inequity grew to historic levels under the Republicans.”

Continue Reading

Leo's Hot List