Oil prices in the US jumped back above $90 a barrel for the first time since November 2022, sending worrying signals to The Fed and The White House.
The surge in WTI has dragged gasoline prices at the pump dramatically higher and worse still, given the lag in the supply chain, pump prices look set to go higher…
President Biden acknowledged the spike in gas prices, in a press statement on Sept. 13.
“Overall inflation has also fallen substantially over the last year, but I know last month’s increase in gas prices put a strain on family budgets. That’s why I remain laser-focused on cutting energy costs, including by investing in clean energy to bolster our energy security,” said the president.
His administration’s green energy policies have not helped matters, with the White House terminating oil drilling contracts on Federal lands in Alaska.
Compounding higher gasoline prices is a simultaneous spike in diesel costs. Diesel prices often climb in the fall due to seasonal consumption from farmers, who use the fuel for harvesting, and as demand for heating climbs. But this year, the prices are still much higher than usual.
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