{"id":1498045,"date":"2022-05-31T12:15:54","date_gmt":"2022-05-31T16:15:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498045"},"modified":"2022-05-31T12:16:28","modified_gmt":"2022-05-31T16:16:28","slug":"gas-prices-hit-new-record-after-memorial-day","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-prices-hit-new-record-after-memorial-day\/","title":{"rendered":"Gas Prices Hit New Record After Memorial Day"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgas-prices-hit-new-record-after-memorial-day%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498045&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/05\/5779447607_4c7abae1cb_o-e1654009511217.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Gas prices reached a new high of $4.62 per gallon on Tuesday, <a href=\"https:\/\/gasprices.aaa.com\/\">according<\/a> to AAA\u2019s gas tracker, one day after what\u2019s traditionally the peak on Memorial Day. The price for diesel remains high at an average of $5.52 per gallon, just six cents lower than its latest record set in mid-May at $5.58.<\/p>\n<p>California residents remain saddled with the highest prices in the nation, paying an average of $6.16 per gallon. No other state is facing an average at or above $6 per gallon yet, though analysts at JPMorgan Chase <a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-could-reach-6-a-gallon-by-summer-jpmorgan\/\">predict<\/a> the national average could be $6.20 by August. The state with the second-highest gas prices is Hawaii at an average of $5.44 per gallon. Kansas residents are paying the lowest at $4.13 per gallon.<\/p>\n<p>\u201c[When] it comes to the gas prices, we\u2019re going through an incredible transition,\u201d President Joe Biden\u00a0<a href=\"https:\/\/thefederalist.com\/2022\/05\/24\/biden-celebrates-record-high-gas-prices-as-incredible-transition\/\">said<\/a>\u00a0in Japan last week amid daily record highs. \u201cWhen it\u2019s over, we\u2019ll be stronger and the world will be stronger and less reliant on fossil fuels.\u201d<\/p>\n<p>Americans\u2019 pain at the pump is only compounded by runaway inflation, which is rising at its fastest pace in four decades, according to Department of Labor <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\">data<\/a>. Meanwhile, high prices for diesel translate into higher prices across the economy as tankers, trains, trucks, and farming machinery rely on that fuel to manufacture and transport goods. <\/p>\n<p>While the Biden administration promotes electric vehicles as a way to circumvent gas prices, the average electric vehicle costs $5,000 more than an entry-level luxury car, <a href=\"https:\/\/www.prnewswire.com\/news-releases\/eight-straight-new-vehicle-prices-mark-another-record-high-in-november-2021-according-to-kelley-blue-book-301442015.html\">according<\/a> to Kelley Blue Book in December. Thus gas prices continue to hamper economic growth as the nation slides toward recession. U.S. GDP <a href=\"https:\/\/www.cnbc.com\/2022\/04\/28\/us-q1-gdp-growth.html\">declined<\/a> at an annualized rate of 1.4 percent in the first quarter.<\/p>\n<p>To suppress gas prices, Biden ordered the \u201c<a href=\"https:\/\/thefederalist.com\/2022\/04\/01\/joe-biden-is-doing-everything-possible-to-avoid-unleashing-american-energy-production\/\">unprecedented<\/a>\u201d release of 1 million barrels of oil per day for 180 days instead of unleashing the nation\u2019s domestic energy potential by ramping up production. The release began on May 15 and coincided with more than two weeks of record daily consecutive gas prices leading up to the holiday weekend. <\/p>\n<p>The United States uses nearly 20 million barrels of oil per day, <a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=33&#038;t=6\">according<\/a> to the Energy Information Administration. <\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Tristan Justice is the western correspondent for The Federalist. He has also written for The Washington Examiner and The Daily Signal. His work has also been featured in Real Clear Politics and Fox News. Tristan graduated from George Washington University where he majored in political science and minored in journalism. Follow him on Twitter at @JusticeTristan or contact him at Tristan@thefederalist.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gas prices reached a new high of $4.62 per gallon on Tuesday, according to AAA\u2019s gas tracker, one day after what\u2019s traditionally the peak on Memorial Day. The price for<\/p>\n","protected":false},"author":494,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1498045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1498045"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1498045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1498045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1498045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}