All-Time High: Gas Prices Set New Record

National averages for a gallon of gas set two new records this week as prices surge to unprecedented levels. The average cost for a gallon of gas rose to $4.40 Wednesday after setting a new record of $4.37 on Tuesday. The previous record of $4.33 was also set under the Biden-Harris administration.

CBS News: Gasoline prices hit a new record on Tuesday just as Americans are entering peak summer driving season. The national average price for a gallon of gas hit $4.37, according to AAA, eclipsing a previous record set in early March.

The largest increases are coming in Michigan, New Jersey, Connecticut, Kentucky and Indiana, according to AAA. In dollar terms, the priciest states for gas are in the West: California, Hawaii, Alaska, Nevada and Oregon have the most expensive gasoline, with California’s gas averaging $5.82 per gallon.

Over the past week, the price for a gallon of gas has skyrocketed 18 cents, in part due to Joe Biden and congressional Democrats’ war on American energy. Researchers say increasing prices for gasoline — and other necessities — will cost American households thousands of dollars per year.

Fox Business: Critics claim that Biden’s energy policies – restricting drilling on federal lands and blocking the completion of the Keystone XL pipeline – have created a “supply problem” in the market. Biden initially announced a moratorium on drilling on federal lands, but a federal judge in Louisiana blocked the moratorium after 13 Republican attorneys general sued. . .

According to Yardeni Research, increased oil costs suggest the average American household will pay almost $2,000 more for gasoline in 2022, according to a March research note.

“In addition, we estimate that the average household is currently spending at least $1,000 [according to a seasonally adjusted annual rate] more on food as a result of rapidly rising grocery prices,” Edward Yardeni, the president of the firm, wrote on LinkedIn. “That’s $3,000 less money that households have to spend on other consumer goods and services, which also are experiencing rapid price increases.”

Economists say costs will continue to rise. Gas prices could reach $4.50 during this summer’s peak driving season and inflation is continuing to outpace expectations.

Bottom Line: Gas prices are at record levels and the costs of goods and services continues to outpace expectations. President Biden and congressional Democrats continue to prioritize their anti-American energy agenda instead of focusing on relief for Americans. These rising costs are a massive political liability for Democrats as November’s midterm elections approach.