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Saturday, June 11, 2022
It's the highest the group has seen gas prices rise since it started tracking the data in 2000, and it's likely to get worse as oil demand continues to outpace global oil supply, driving barrel prices even higher, AAA spokesperson Devin Gladden said.
As of Saturday, prices at the pump are 63 cents higher than they were a month ago and nearly $2 more than a year ago, according to AAA data.
Gladden noted that oil prices reached $120 per barrel this week, which was also seen Russia first invaded Ukraine. What shortly followed was a continuous streak of record-high gas prices. The price of oil accounts for 50% of what consumers pay for at the pump.
“Today’s report underscores why I have made fighting inflation my top economic priority. While it is good to see critical ‘core’ inflation moderating, it is not coming down as sharply and as quickly as we must see. Putin’s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases,” Biden said. “My Administration will continue to do everything we can to lower prices for the American people.”
But Biden hasn’t made inflation his top economic priority. For months, his administration denied inflation was happening, saying it wouldn’t be an issue, before calling it temporary and transitory last summer. Russian President Vladimir Putin didn’t...Read more here.