Disaster for Joe Biden as US gas prices average $5 (€4.75) for the first time – inflation out of control – TheLiberal.ie – Our News, Your Views

Disaster for Joe Biden as US gas prices average $5 (€4.75) for the first time – inflation out of control




Image source: Business Insider

US gasoline prices averaged more than $5 a gallon for the first time, according to AAA data, prolonging a rise in fuel costs that is fuelling higher inflation.

The national average price of regular unleaded gasoline rose to $5,004 a gallon from $4,986 yesterday, according to AAA data.

High gas prices are a major problem for President Joe Biden and congressional Democrats as they fight to maintain their tight control of Congress in the upcoming November midterm elections.

Biden has failed numerous times to lower prices, including a record release of barrels of US strategic reserves, waiving rules on summer gasoline production, and supporting major OPEC countries to boost production.

But fuel prices have risen around the world due to surging demand, sanctions against the Russian oil producer following its invasion of Ukraine and a shortage of refining capacity.

Road traffic in the United States remained relatively strong, just a few percentage points below pre-pandemic levels, despite rising prices.

However, economists believe that demand could fall if prices remain above $5 a gallon for an extended period.

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