ICYMI: Rising Gasoline Prices Hit Inflation-Weary Americans.
American families are feeling the pain from inflation, and the hits just keep coming. In recent weeks, Americans have seen gasoline prices rise to their highest level in the last year. As a result, companies are delaying upgrades, losing workers, and avoiding hiring extra help, while moving to charge customers more to make ends meet.
The Facts:
A gallon of regular gasoline averaged about $3.82 nationally on Sunday, about 60 cents higher than at the beginning of the year, according to OPIS, an energy-data and analytics provider.
Diesel prices have increased over 40 cents per gallon since July.
This increase is making it harder for small businesses to stay afloat. Oil prices are currently around $80 per barrel, and increased maintenance in U.S. refineries has taken about 2.2. million barrels a day of refining capacity offline. On average, this is one million more barrels offline than during a normal year.
Unplanned outages also play a role in loss of capacity as scorching summer temps can affect day-to-day operations at U.S. refineries. These outages contribute to an increased cost of producing summer-grade gasoline right as families use it most.
The Bottom Line: According to the Wall Street Journal, “fluctuations in gas prices are whipsawing American households and businesses.” Republicans are working to reverse the inflationary curse caused by President Biden’s unchecked spending and unleash American energy once again.
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