Gasoline prices on Wednesday hit an 11th straight high at $4.95, according to AAA data.
Rising another four cents overnight, prices rose 28 cents in a week and 64 cents in a month. Prices have doubled since Donald Trump left office.
According to a commodity analyst at JPMorgan, gas prices are expected to rise to over $6.00 a gallon before Labor Day. Gas prices are already averaging over $6 in California. Eighteen states hover around $5 a gallon.
Treasury Secretary Janet Yellen claimed on Tuesday that the Biden administration had exhausted its efforts to reduce energy costs for American citizens. “The administration has done everything it can” to reduce energy prices, she said.
But Yellen ignored President Biden’s war on American energy, which includes increasing private and public financing costs for oil drilling, stopping drilling on public lands and canceling the Keystone pipeline. Instead, Yellen blamed the coronavirus and the Ukrainian war for the price spikes.
As gas nears $5 a gallon, Biden chief of staff Ron Klain celebrated last year when he found gas prices would fall below $3 a gallon. Seven months later, gasoline prices have soared with November’s midterm elections fast approaching.
Good news on gas prices: https://t.co/DOXoTQVO2a
— Ronald Klain (@WHCOS) December 8, 2021
According to a Sunday poll, 74% of those polled said Biden’s soaring gas prices are an “extremely/very important” factor in how they will vote in the midterm elections. The gas is expected will cost Americans $450 more in 2022.
PAIN AT THE PUMP: American families will pay $450 more this year on gasoline ALONE thanks to the Biden Gas Hike. pic.twitter.com/1hORsIxiZ2
— RNC Research (@RNCResearch) June 7, 2022
Similarly, 80% of Americans said inflation was an “extremely/very important” factor in their vote in the midterm elections, a recent ABC News/Ipsos poll found.
Inflation will cost US households an additional $5,200 on average in 2022, or $433 per month, according to Bloomberg. Inflation will also delay the retirement of 25% of Americans, a survey by BMO’s Real Financial Progress Index found.
Follow Wendell Husebo on Twitter and Gettr @WendellHusebø. He is the author of Politics of slave morality.