The spot price of gasoline hit a new record on Friday.. US inventories ahead of the summer are sounding the alarm
— 🅰🅻🅴🆂🆂🅸🅾 (@AlessioUrban) May 15, 2022
How’s that “Build Back Better” working out for ya, ‘Murica?
Soaring inflation threatens to travel plans for millions of Americans, as surgent demand for trips and vacations drives prices higher.
On Saturday, gasoline hit a new record high of $4.45, and the start peak summer travel season is still several weeks away.
Earlier this week, federal inflation data showed that airfares are up 33 percent from a year ago, jumping 18.6 percent from March to April alone, in the quickest increase since records began in 1963.
If you think gas prices are bad, diesel is in its worst crisis since the 1970s and has even raised fears of localized rationing
- While Americans are reeling from sticker shock at the gas pump, the diesel market is in its worst crisis since the 1970s, analysts say.
- Prices for diesel, which powers much of the country’s industry, have surged 76.5% in the last year.
- “The markets are telling us there’s a shortage. This is a tailwind for inflation. We’re demanding more diesel than anyone can supply.”
While Americans are reeling from sticker shock at the gas pump, the diesel market is in its worst crisis since the 1970s, analysts say.
The commodity fuels much of the economy, including big-rig trucks, farm equipment and industrial machinery. Prices hit a record $5.56 per gallon in the US, up 76.5% from a year ago.