Gas Prices Goin Up and Up And Up.
The nation’s gas prices keep heading north in what could be a very tricky situation for the White House. (Washington Post)
“The average price for a gallon of gas nationwide hit $4.33 on Monday. And in California, it is a $1.50 higher than even that. The near-record prices come despite the fact that Biden ordered the flow of a million barrels per day from the Strategic Petroleum Reserve a little over a month ago. The administration’s move to allow more ethanol into the nation’s fuel supply hasn’t brought much relief to consumers, either.
The sticker shock comes as Biden on Tuesday is expected to outline his latest plan to reduce the price pressures throughout the economy that have badly damaging his popularity. Biden will try to shift blame for the nation’s economic challenges to Republicans, pointing to Sen. Rick Scott’s (R-Fla.) plan, released earlier this year, for a minimum federal income tax. About half of Americans do not currently pay federal income taxes because they do not earn enough.”
High gas prices and general inflationary pressure are continuing unabated in what could be considered a new post pandemic norm across the Globe. The political ramifications of such global supply chain failures are just beginning and could cause record amounts of political turmoil in the near future. Economists are still sifting through the data to find out exactly what is going on but political regimes around the World don’t have much time before facing an increasingly angry public.
