There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon. Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years.
Everyone seems to have a favorite villain for the high cost of filling up. Some blame President Joe Biden. Others say it’s because Russian President Vladimir Putin recklessly invaded Ukraine.
It’s not hard to find people, including Democrats in Congress, who accuse the oil companies of price gouging. As with many things in life, the answer is complicated. Read more: U.S.
inflation hit a new 40 year high amid rising prices of gas, food Gasoline prices have been surging since April 2020, when the initial shock of the pandemic drove prices under $1.80 a gallon, according to government figures.