Remember when gasoline prices cratered about 26% after hitting their peak of $5.01 in early June, and the White House took all the credit for this decline?
Well, despite draining the Strategic Petroleum Reserve (SPR) and the war in Ukraine still ongoing, gas prices have been climbing for more than two consecutive weeks.
According to the American Automobile Association (AAA), the national average for a gallon of gasoline is $3.90 (as of Oct. 8). A gallon of diesel is homing in on $5.
The issues?
Refinery troubles, slumping gasoline stockpiles, and rising gas demand. Of course, crude oil prices are surging again, as West Texas Intermediate (WTI) and Brent are setting their sights on $100 a barrel.
Also, more data from the AAA:
Since last Thursday, these 10 states have seen the largest increases in their averages: Alaska (+38 cents), Illinois (+25 cents), Ohio (+25 cents), California (+24 cents), Nevada (+22 cents), Oregon (+22 cents), Indiana (+21 cents), Washington (+19 cents), Arizona (+17 cents) and Michigan (+17 cents).
At this stage of his term, President Joe Biden’s doctrine is that nothing is his fault and all the good is because of his policies.
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