As I’ve said before, fuel prices are a leading indicator of inflation.
When the costs of transportation go up, anything transported has its prices go up (think food).
Biden can only sell so much of our Strategic Oil Reserve to China before it runs dry. Then what?
Gas
prices again are on the rise in the United States after months of volatility, and are expected to increase further over the next few weeks as “ugly”
inflation
returns, industry experts have said.Patrick De Haan, senior energy analyst at Gas Buddy, noted in a
statement
on Twitter late Sunday that gas prices are up $0.133 a gallon from a week ago, to $3.92. Diesel prices have also surged over $5, De Haan said, up $0.18 a gallon, to $5.05.
“Relief coming to West Coast and Great Lakes while gas prices will rise in most other areas 10-20c/gal over the next week or two,” he added.
The national average gas price was at $3.919 a gallon on Oct. 10, up from $3.799 a week prior and $3.269 this time last year, according to the American Automobile Association (
AAA)
.
Meanwhile,
diesel
prices are at $5.064 a gallon as of Oct. 10, up from $4.870 a week ago and $3.460 a year ago, AAA data show.Gas prices had declined in recent weeks as the Biden administration released record amounts of crude oil from the Strategic Petroleum Reserve, and fears were rife that a recession was on the horizon, dampening demand.
However, the volatile prices have once again shot up at a time when Americans are bracing for a winter full of duress amid surging electricity and heating costs, with
the average household set to pay roughly 17 percent more this winter compared to last winter to heat their home
, according to a
forecast
from the nonprofit National Energy Assistance Directors Association.