Up, up and you pay. The average U.S. price for regular-grade gasoline at the pump soared a whopping 79 cents over the past two weeks to hit a record $4.43 per gallon on Sunday.
That exceeds by 32 cents the prior all-time high of $4.11 set in July 2008, AP reports.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price is still some way from the inflation-adjusted record high of about $5.24 per gallon.
The price at the pump is $1.54 higher than it was a year ago, with plenty of consumers pointing directly at President Joe Biden and his policies.
Stickers depicting a smiling Biden with a pointed finger captioned “I did that!” are popping up at gas pumps throughout the country as pockets of working-class Americans continue to feel the economic strain, as Breitbart News reported.
A gasoline pump sits at an Exxon gas station in Washington, DC, on March 13, 2022. U.S. consumer prices saw their biggest annual increase in more than 40 years last month, rising 7.9 percent compared to February 2021 as inflation continues to batter the economy. (STEFANI REYNOLDS/AFP via Getty)
Lundberg forecast gas prices are likely to remain high in the short term as crude oil costs soar amid global supply concerns following Russia’s invasion of Ukraine.
The White House is desperate to pin the blame for high U.S. gas prices squarely on Russian President Vladimir Putin while ignoring the all-around effect of Bidenflation.
The Biden administration has delivered the worst inflation that Americans have seen in 40 years, far outpacing higher wages as more and more critics are noting:
“This is a Putin spike at the gas pump, not one prompted by our sanctions,” White House press secretary Jen Psaki claimed last week.
Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $5.79 per gallon. The lowest average is in Tulsa, Oklahoma, at $3.80 per gallon, AP outlines.
According to the survey, the average price of diesel also spiked, up $1.18 over two weeks, to $5.20 a gallon. Diesel costs $2.11 more than it did one year ago.