Oil prices are rising, and that's driving up prices at the pump.
The national average for a gallon of gas hit the highest level in more than seven years Friday."Gas prices at the pump are up. We're working to bring them down, but they're up," President Joe Biden said Friday.Gas prices rose to the highest level in more than seven years Friday, on the heels of the U.S. oil benchmark toppingThe national average for a gallon of gas stood at $3.423 on Friday, according to AAA, slightly surpassing the prior high-water mark of $3.422 from Nov. 8.
The rapid rise in prices is contributing to inflationary fears across the economy and is creating a headache for the Biden Administration. Biden did not offer specifics on how the administration is tackling elevated prices at the pump. In November, the White House said it would tap thein a coordinated move alongside other nations to try and ease the burden for consumers.
Once it became clear that the variant wouldn't have as much of an impact as initially feared, oil prices reversed course and starting moving higher again. WTI is now more than $10 above where it was in November — when the SPR release was announced.
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