IT WAS a painful final year at the pump as Americans are now spending an extra $2,000.
A report released by Yardeni Research shows that consumers were about to spend $3,800 a year on gasoline.
Now they’re spending $4,800, up from $2,800 last year.
As of Thursday, the average price per gallon is about $4.59, according to the AAA.
Here’s how much people in the States currently pay for gas on average:
- Alabama – $4.31
- Alaska – $5.15
- Arizona – $4.84
- Arkansas – $4.13
- Colorado – $4.14
- Connecticut – $4.68
- Delaware – $4.61
- Florida – $4.50
- Georgia – $4.14
- Hawaii – $5.36
- Idaho – $4.59
- Iowa – 4.16
- Kentucky – $4.30
- Kansas – $4.04
- Louisiana – $4.24
- Maine – $4.71
- Maryland – $4.61
- Massachusetts – $4.73
- Michigan – $4.58
- Minnesota – $4.14
- Mississippi – $4.19
- Missouri – $4.14
- Montana – $4.33
- Nebraska – $4.16
- Nevada – $5.24
- New Hampshire – $4.66
- New Jersey – $4.77
- New Mexico – $4.33
- New York – $4.91
- North Carolina – $4.37
- North Dakota – $4.17
- Ohio – $4.47
- Oklahoma – $4.03
- Pennsylvania – $4.77
- Rhode Island – $4.72
- South Carolina – $4.07
- South Dakota – $4.31
- Tennessee – $4.30
- Texas – $4.30
- Utah – $4.60
- Vermont – $4.71
- West Virginia – $4.43
- Wisconsin – $4.32
- Wyoming – $4.29
Given the high prices, many have taken their frustration out on President Joe Biden.
One user tweeted, “Congratulations Joe Biden! For the first time in American history, gas prices are above $4 a gallon in all 50 states. It takes a special kind of incompetence to pull this off and you did it in 16 months.”
“High gas prices, unaffordable food, crushing energy costs. These are the result of Biden’s failed policies and reckless spending,” tweeted Jake Evans, candidate for Georgia’s sixth congressional district.
And a little more outrage came from Senator Ted Cruz of Texas: “For the seventh day in a row, President Biden has monitored record-high gas prices. This is the cause and effect of Biden’s war on American energy.”
Why does inflation actually happen?
Some will argue that rapid rates of inflation have occurred due to policies such as stimulus checks and higher wages.
Others will say prices have risen because supply has not been able to meet demand, in addition to Russia’s war in Ukraine.
The latter of the two is correct to some extent – but poses a minor problem.
The real issue with the Hang is price measurement, when companies or businesses raise their prices to levels that are not considered fair.
Many, including Democratic lawmakers, have accused big oil executives like Exxon Mobil, which had more than $23 billion in net income in 2021, of complicity in the practice.
Additionally, Walmart, along with other retailers, is under fire for allegedly overcharging Americans.
A bill was introduced in Congress to address the problem at the gas pump — but Republicans tried to block it.
To get more inflation-related stories, the Federal Reserve hiked interest rates twice to keep prices from rising so quickly. Also, Social Security recipients could get an additional $143 next year.
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https://www.the-sun.com/uncategorized/5376901/americans-furious-as-gas-prices-skyrocket-nearly-doubling-fuel-spending-to-5000-the-states-with-the-highest-prices/ Americans are furious as gasoline prices soar and fuel spending nearly doubles to $5,000