Americans' assessments and outlook for the economy are poor, with most anticipating at least a slowdown, if not a recession, in the coming year.
“Drivers will be facing the most expensive July 4th at the pump ever this year, though the news isn’t all bad,” Gas Buddy’s latest blog says.
CNBC’s Jim Cramer Calls Out Biden for Double-Talk Against Big Oil: Can’t Ask Them for Help and Also Tell Them We’re ‘Gonna Wipe You Out’
CNBC’s Jim Cramer called out President Joe Biden on Tuesday for his double-talk against Big Oil amid increasing gas prices nationwide.
Treasury Secretary Janet Yellen said Sunday that the Biden administration’s policies are not responsible for record-high gas prices, and the only way to fix the energy crisis in the "medium-term" is to move towards "renewables to address climate change."
The producer price index, a measure of the prices paid to producers of goods and services, rose 0.8% for the month and 10.8% over the past year. The monthly rise was in line with Dow Jones estimates and a doubling of the 0.4% pace in April.
The price of U.S. gasoline averaged more than $5 a gallon for the first time on Saturday, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation.
Inflation accelerated further in May, with prices rising 8.6% from a year ago for the fastest increase since December 1981, the Bureau of Labor Statistics reported Friday.
Gas prices are still on the rise and could soon reach $5 per gallon, a figure that has forced some Americans to rethink their leisure travel.