Home offices are becoming even more appealing as US gas prices hit their highest peak since November, according to the most recent data from AAA.
The new average retail price for a gallon of gas stands at $3.732, a significant increase from last week’s $3.587 and last month’s $3.556. This surge places it as the second-highest record for this period of the year within the last decade, as reported by Bloomberg.
This escalation in gas prices is coming hot on the heels of an extended shutdown of a crucial Gulf Coast refinery, which poses a threat to the already dwindling fuel supplies.
Rising gas prices can potentially throw a wrench into President Joe Biden’s reelection campaign. His political strategy largely hinges on reducing inflation and restoring consumer confidence. Even though recent reports from the Consumer Price Index indicate a declining inflation rate, everyday Americans often gauge the health of the economy through easily noticeable indicators like gas prices, making them crucial to the voting populace.
“Scorching temperatures in some regions could be discouraging people from hitting the road,” suggests AAA spokesperson Andrew Gross, attempting to explain this development.
However, it’s worth noting that while the current gas prices might be causing a bit of sticker shock, they’re still about 12% lower than the $4.278 seen this time last year.
In a curious twist, oil prices dipped on Friday, despite maintaining a steady upward trend for the fifth consecutive week. West Texas Intermediate crude saw a drop of 0.51%, closing at $79.68 a barrel, while the international benchmark, Brent crude, also fell by 0.36% to $83.95 a barrel.
With the fluctuating oil and gas prices, it’s more essential than ever for consumers and businesses alike to keep a close eye on developments. With every surge and dip, the nation’s economic health and the financial strategies of individuals and corporations are impacted. As the situation continues to evolve, we’ll keep you updated with the latest shifts and trends.