{"id":1509763,"date":"2022-06-09T16:34:52","date_gmt":"2022-06-09T20:34:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1509763"},"modified":"2022-06-09T16:34:59","modified_gmt":"2022-06-09T20:34:59","slug":"gas-prices-hit-grim-national-average-of-5-per-gallon","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-prices-hit-grim-national-average-of-5-per-gallon\/","title":{"rendered":"Gas Prices Hit Grim National Average Of $5 Per Gallon"},"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\">20<\/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-grim-national-average-of-5-per-gallon%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=1509763&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--><p>On the day of <a href=\"https:\/\/www.dailywire.com\/topic\/biden-administration\">President Joe Biden\u2019s<\/a> inauguration, <a href=\"https:\/\/www.dailywire.com\/topic\/oil-and-gas\">gas<\/a> cost $2.39 per gallon. Earlier this week, that figure <a href=\"https:\/\/www.dailywire.com\/news\/the-cost-of-gas-has-more-than-doubled-since-the-day-biden-took-office\">doubled<\/a> to $4.82. And once again, gas prices reached a grim new milestone \u2014 hitting <a href=\"https:\/\/www.dailywire.com\/topic\/gas-prices\">$5 per gallon<\/a> on Thursday morning, per <a href=\"https:\/\/twitter.com\/GasBuddyGuy\/status\/1534882159671906304\">GasBuddy<\/a>.<\/p>\n<p>\u201cIt\u2019s quite a big deal, because it\u2019s not occurring in isolation,\u201d American Enterprise Institute senior fellow Desmond Lachman told The Daily Wire. \u201cPeople have been hit by high oil prices, but they\u2019re also being hit by high food prices and the wages are not keeping up with inflation.\u201d<\/p>\n<p>According to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>, the price at the pump is currently at a national average of $4.97 as of Thursday afternoon. In California, which has particularly harsh regulations on gas consumption, the cost per gallon reached $6.40.<\/p>\n<p>The Biden administration \u2014 which nixed expansions to the <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\">Keystone XL Pipeline<\/a> last year and is dragging its feet on issuing <a href=\"https:\/\/www.dailywire.com\/news\/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays\">oil and gas permits<\/a> \u2014 claims that higher fuel costs may help the United States <a href=\"https:\/\/www.dailywire.com\/news\/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now\">transition<\/a> more quickly to renewable energy.<\/p>\n<p>Nevertheless, a <a href=\"https:\/\/finance.yahoo.com\/news\/gas-prices-66-americans-are-making-significant-habit-changes-says-survey-180821426.html\">poll from Yahoo<\/a> released last month showed that 66% of American drivers would make \u201csignificant changes to their driving patterns\u201d if the national average cost of gasoline lies between $4.12 and $4.35 per gallon \u2014 a price that has since been exceeded. While 41% of respondents planned to only fill their gas tanks with what is affordable, 35% increased their usage of public transportation, and 29% canceled summer road trips.<\/p>\n<p>\u201cIt\u2019s a very visible product \u2014 it\u2019s something that psychologically is quite a big deal, because you fill up your car every week or so,\u201d Lachman, a former International Monetary Fund official, explained, affirming that the high prices are causing Americans to \u201cpull back\u201d on spending.<\/p>\n<p>Despite rising from recession-era lows, consumer confidence \u2014 as measured by the University of Michigan\u2019s benchmark <a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\">Survey of Consumers<\/a> \u2014 has been falling since the summer of 2021 and is presently near its lowest level in a decade. \u201cThese confidence numbers seem to keep coming down and plumbing new lows,\u201d Lachman remarked.<\/p>\n<p>The Federal Reserve, however, must weigh consumer spending habits in its tapering of aggressive monetary policy. Last month, the central bank <a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\">hiked interest rates<\/a> by 0.5% \u2014 the largest rate increase since May 2000 \u2014 in an attempt to tame inflation. The move followed a 0.25% rate hike from near-zero levels three months ago.<\/p>\n<p>The high cost of fuel will diffuse throughout the economy as businesses face higher operating expenses.<\/p>\n<p>\u201cIt raises their costs, it reduces their profitability \u2014 that\u2019s not good coming at a time when the stock market is already on the back foot,\u201d Lachman said. \u201cWhen you add this all up, this is one of those forces that is adding to inflation and adding to inflationary psychology \u2026 you get this really unfortunate combination of inflation staying high and the economy beginning to sputter.\u201d<\/p>\n<p>President Biden has noted his decision to <a href=\"https:\/\/www.dailywire.com\/news\/biden-raid-on-critical-strategic-petroleum-reserve-leaves-lowest-level-in-35-years\">release millions of barrels<\/a> from the Strategic Petroleum Reserve. Meanwhile, Biden has tried to make overtures to leaders of top oil producer Saudi Arabia \u2014 a nation with which the United States\u2019 relationship is <a href=\"https:\/\/www.axios.com\/2022\/06\/07\/democrat-biden-us-saudi-relationship\">currently tense<\/a>.<\/p>\n<p>\u201cSo far, they haven\u2019t been successful,\u201d Lachman said of Biden\u2019s attempts to lower gas prices, adding that perhaps \u201cthey might have moderated what might have otherwise occurred.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the day of President Joe Biden\u2019s inauguration, gas cost $2.39 per gallon. Earlier this week, that figure doubled to $4.82. And once again, gas prices reached a grim new milestone \u2014 hitting $5 per gallon on Thursday morning, per GasBuddy. \u201cIt\u2019s quite a big deal, because it\u2019s not occurring in isolation,\u201d American Enterprise Institute &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1509895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1509763","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\/1509763","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1509763"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1509763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1509895"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1509763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1509763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1509763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}