Gasoline Prices Are Out of Control Again with Record Highs

Bidenomics is working as expected; gasoline prices are soaring. Mr. Biden will likely start draining the emergency reserves again.

Gasoline prices have surged to a record high for this time of year in the US,  reports Bloomberg. It’s not going to help Biden’s Bidenomics platform.

Average regular gasoline now costs $3.866 a gallon, a seasonal record on a trailing-12-months basis, according to data from the American Automobile Association.

In California, the average price of gasoline is $5.68. Their taxes are higher, and they use a special blend that costs more.

Prices have risen 7.8% in just eight weeks in a rare late-summer rally, says Bloomberg.

The gains have been driven by increases in the price of oil, which jumped about 20% in the past two months. Gasoline costs already accounted for over half of the increase in the August consumer price index.

The continued escalation will likely stoke inflation further while eroding consumer confidence.

It’s unusual to see gasoline climbing after the end of the summer-driving season that boosts US demand, per Bloomberg.

CEI finds:

• This August, according to Energy Information Administration (EIA) data going back to 1991, regular retail gasoline prices reached $3.84 per gallon.
• This marked the second-highest August price during that time span, with last August surpassing it at $3.96 per gallon. These last two Augusts almost certainly represent the highest August prices ever in the United States.
• Since February 2022, the price has been above $3.50 per gallon for 15 out of the last 19 months. The last time the price was $3.50 per gallon or more was in 2014.
• Diesel retail prices are also extremely high based on EIA data going back to 1994. This August was the second highest August price during that time at $4.37 per gallon. Last year saw the highest August price at $5.01. Like with regular gasoline, these are almost certainly the highest August diesel prices ever.
• President Biden has tapped the Strategic Petroleum Reserve (SPR) more aggressively than any other president. In the week that Biden took office, there were 638 million barrels of oil in the SPR. Last week, there were 350 million barrels, which is 288 million fewer barrels, a 45 percent decline.

Biden has also alienated Saudi Arabia and OPEC+. Everything will start going up. Last month, it went up ,7%.

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