How gas prices at 7-year highs could undercut Biden's red-hot economic recovery
The US economy is rebounding at extraordinary speed, but Americans aren't feeling great about it. To see one big reason why, look to any one of the country's 110,000-plus gas stations.
A Thursday report showed gas prices have gained 40% over the past year, through January. Gas now costs an average $3.44 per gallon across the US, the Energy Information Administration saidSpiking gas prices run counter to other measures that suggest the economy has fully healed. Gross domestic product is well above its pre-pandemic peak. The unemployment rate sits close to record lows. Consumer spending rebounded and then some.
The situation has evolved to the point where it's now a hot-button political topic, and the next eight months will be critical for Democrats to make the case they're handling the economy well. If Thursday's data is any indication, they'll have to campaign for midterm elections while inflation holds at dizzying highs.
The concern cited most by surveyed adults was inflation and its effect on real incomes, Richard Curtin, chief economist at the university's Surveys of Consumers, said. Despite the recovery's blockbuster pace, surging prices left people feeling worse than they did at the start of pandemic lockdowns.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What’s A Gas Utility Without Gas?a public hearing this week to discuss the future of Philadelphia Gas Works (PGW), the country’s largest municipally owned gas utility.
Read more »
Biden sees inflation easing this year, touts his drug price planU.S. President Joe Biden on Thursday said he expected inflation to start to ease this year as supply chain logjams clear up, while saying that his administration was already helping ease shortages, as new data showed the biggest jump in consumer prices in 40 years. Biden told NBC News that efforts by his administration to address the shortage of semiconductors that sent car prices soaring last year were starting to pay off. Rising consumer prices 'ought to be able to start to taper off as we go through this year,' Biden said.
Read more »
Manchin calls on Fed, Biden admin to 'do something' on inflationSen. Joe Manchin, D-W.Va., joined Republicans Thursday in raising the alarm on rising inflation, saying now is not the time for sweeping spending plans from Congress.
Read more »
Family and attorneys of Amir Locke call on Biden to ban no-knock warrantsThe families of Amir Locke and Breonna Taylor — both of whom were killed by police who entered their home during raids — spoke at a press conference at the Minnesota State Capitol to demand the abolition of no-knock police warrants. The controversial practice took center stage again after a Minneapolis police SWAT team entered a downtown apartment on Feb. 2 and killed 22-year-old Locke, a Black man who was asleep at the time.
Read more »
Biden urges Americans in Ukraine: 'Leave now'President Biden said during an NBC interview broadcast Thursday that American citizens in Ukraine 'should leave now' due to increasing concerns that Russian troops may soon invade the country.Why it matters: Biden's comments came as the State Department warned in an advisory that American officials 'will not be able to evacuate U.S. citizens in the event of Russian military action anywhere in Ukraine' and that this would 'severely impact' regular consular services.Get market news worthy of your
Read more »
Biden Opens Access To $5 Billion To Build National EV Charging NetworkThe five-year program, created by the Bipartisan Infrastructure Law, aimed at adding 500,000 public chargers on highways will distribute the first $615 million to states this year, with Texas appearing to be the biggest initial beneficiary.
Read more »