Gas Price SHOCK: Another Blow from ‘Bidenomics’

Gas Price SHOCK: Another Blow from 'Bidenomics'

( – Gas prices in the United States are on the rise once more, adding to the inflation issue the Federal Reserve has been battling for the past year, which President Joe Biden claimed was now under control due to the much-heralded “Bideonomics.”

According to the most recent data from the AAA, the national average gallon of gas traded at $3.89 last week, its highest level since October 2022.

The price at the pump varies across the nation, with some of the most significant increases occurring in Midwestern regions.

In contrast, prices have averaged $5 and $5.07 per gallon in California and Washington, respectively, according to the Detroit Free Press.

According to the AAA numbers, Michigan’s average gas price rose nine cents from the previous week to $3.76 per gallon for regular unleaded on Monday, setting a new record high for 2023.

Mississippi has the cheapest gas at an average price of $3.33 per gallon.

According to recent data from the Energy Information Administration, the outlet reported that the gas demand marginally declined from 8.94 million to 8.84 million barrels per day.

Following a 20 percent increase in global crude prices this summer due to Saudi Arabia and Russia cutting supply, the cost of gas has risen to a nine-month high, according to the Financial Times.

The decision has sparked new concerns about the political ramifications for the Biden administration as well as expectations that oil could reach $100 per barrel this year.

“The White House is in full-blown panic mode,” Bob McNally, head of Washington-based consultancy Rapidan Energy Group and a former adviser to President George W Bush, told the FT.

“Any sitting president is threatened when pump prices go up because of the impact on consumer confidence and the president’s approval rating,” he added.

Diesel, a necessary input expense for the industrial and agricultural sectors, is included in the most recent U.S. pump price increases, which coincide with growing optimism that the Federal Reserve will create a gentle landing for the economy following months of interest rate increases to combat inflation.

As he prepares for his reelection campaign in 2024, Biden has spent recent weeks promoting his “Bidenomics” and pointing to record job growth and slowing inflation.

The current spike in petrol prices will not add to his self-described story of economic competence.

Copyright 2023.