{"id":1510452,"date":"2022-06-10T12:34:48","date_gmt":"2022-06-10T16:34:48","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1510452"},"modified":"2022-06-10T12:35:14","modified_gmt":"2022-06-10T16:35:14","slug":"gas-prices-hit-record-4-99-as-runaway-inflation-kills-consumer-confidence","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-prices-hit-record-4-99-as-runaway-inflation-kills-consumer-confidence\/","title":{"rendered":"Gas Prices Hit Record $4.99 As Runaway Inflation Kills Consumer Confidence"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/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-record-4-99-as-runaway-inflation-kills-consumer-confidence%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=1510452&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\/06\/19915956189_ba9c380734_k-e1654874320301.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The nationwide average for a gallon of regular unleaded gasoline reached a record $4.99 on Friday, <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">according<\/a> to AAA travel agency, as Americans cope with economic uncertainty brought by soaring inflation. Diesel prices also hit a new high on Friday at $5.75 a gallon, marking 10 straight days of record fuel costs.<\/p>\n<p>The record gas prices on the edge of $5 per gallon come the same day the Bureau of Labor Statistics <a href=\"https:\/\/www.bls.gov\/cpi\/\" target=\"_blank\" rel=\"noreferrer noopener\">released<\/a> its report on rising prices in May, which showed inflation accelerating a full one percent last month. Prices on the all-items index are now 8.6 percent higher than at this point last year, according to the Department of Labor, with many basic necessities even higher. Overall energy prices are now up more than 34 percent from 12 months ago.<\/p>\n<p>The Biden administration, however, appears to be throwing in the towel on rising gas prices, with Commerce Secretary Gina Raimondo on CNN this week <a href=\"https:\/\/www.cnn.com\/2022\/06\/07\/politics\/raimondo-gas-prices-white-house-cnntv\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">claiming,<\/a> \u201cThe reality is that there isn\u2019t much more to be done.\u201d<\/p>\n<p>In April, President Biden ordered the \u201c<a href=\"https:\/\/thefederalist.com\/2022\/04\/01\/joe-biden-is-doing-everything-possible-to-avoid-unleashing-american-energy-production\/\" target=\"_blank\" rel=\"noreferrer noopener\">unprecedented<\/a>\u201d release of 1 million barrels of oil from the nation\u2019s emergency reserves daily for 180 days to artificially suppress rising gas prices. The bulk of the release began on May 15, but Americans have still suffered near-daily gas price records ever since. Meanwhile, the Department of the Interior <a href=\"https:\/\/thefederalist.com\/2022\/05\/12\/as-gas-prices-set-new-records-biden-nukes-more-oil-and-gas-projects\/\" target=\"_blank\" rel=\"noreferrer noopener\">canceled<\/a> more oil and gas projects from Alaska to the Gulf of Mexico. The agency hampered production further by announcing a cascade of taxes and regulations when it resumed federal land leases to comply with a court order.<\/p>\n<p>The rising prices are powering a decline in consumer confidence, with a new survey from the University of Michigan out Friday <a href=\"https:\/\/www.marketwatch.com\/story\/consumer-sentiment-plunges-to-record-low-in-june-umich-survey-11654870023\" target=\"_blank\" rel=\"noreferrer noopener\">revealing<\/a> a record low. Hours before the Bureau of Labor Statistics published its report on soaring inflation, House Democrats sought to redirect national focus from its economic turmoil with a <a href=\"https:\/\/thefederalist.com\/2022\/06\/10\/the-j6-inquisition-is-an-obvious-soviet-style-show-trial\/\" target=\"_blank\" rel=\"noreferrer noopener\">prime-time hearing<\/a> on Jan. 6.<\/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>The nationwide average for a gallon of regular unleaded gasoline reached a record $4.99 on Friday, according to AAA travel agency, as Americans cope with economic uncertainty brought by soaring<\/p>\n","protected":false},"author":494,"featured_media":2315279,"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-1510452","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\/1510452","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=1510452"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1510452\/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=1510452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1510452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1510452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}