Don’t look now but gas prices are rising fast
CNN
You’re not imagining it: Gasoline prices are moving swiftly higher across the country.
You’re not imagining it: Gasoline prices are moving swiftly higher across the country. The national average has climbed 13 cents in the past week alone to $3.28 a gallon, according to AAA. That means millions of Americans hitting the roads this Presidents’ Day weekend will be greeted by the highest prices in nearly three months. Some of this jump in pump prices is normal. Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. Some of this jump is abnormal. Refinery outages — including a weekslong shutdown of the largest refinery in the Midwest — are limiting the supply of gas. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living. And this trend could cause headaches for officials in Washington — especially if it accelerates. Higher gas prices complicate the Federal Reserve’s war on inflation. And they undercut the election year message of a White House that previously pointed to cheap gas prices as evidence that Bidenomics is working.
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