Gas prices are surging, adding to inflationary concerns across the U.S. economy.
Highlights
- The national average for a gallon of regular gas stood at $3.83 on Friday, the highest since Sept.
- 21, 2012.
- Prices are rising at a fast clip, with Friday’s average nearly 11 cents a gallon above Thursday’s.
- Russia’s invasion of Ukraine and the subsequent sanctions against the nation’s financial sector are prompting fears of supply shortages in what was already a tight market.
- The surge in prices has become a headache for President Joe Biden whose administration has vowed for months that it’s working to combat high prices at the pump.
- Experts say demand destruction, in the form of high prices, might be the only thing to quell the surge in crude prices.