Beyond the financial strain for households, inflation is posing a serious political problem for President Joe Biden.
GasBuddy reports Fresno gas prices are up more than 13 cents since last week, for an average of $5.57 a gallon., though that figure isn't adjusted for inflation. The high price of oil is the main factor. A barrel of U.S. benchmark crude sold for around $100 a barrel Tuesday. Gas had fallen to about $4.10 a gallon in April, after reaching $4.32 in March.
Beyond the financial strain for households, inflation is posing a serious political problem for President Joe Biden and congressional Democrats in the midterm election season, with Republicans arguing that Biden's $1.9 trillion financial support package last March overheated the economy by flooding it with stimulus checks, enhanced unemployment aid and child tax credit payments.and declared inflation"the No. 1 problem facing families today" and"my top domestic priority.
Biden blamed chronic supply chain snarls related to the swift economic rebound from the pandemic, as well as Russia's invasion of Ukraine, for igniting inflation. He said his administration will help ease price increases by shrinking the government's budget deficit and by fostering competition in industries, like meatpacking, that are dominated by a few industry giants.
Still, new disruptions overseas or other unforeseen problems could always send U.S. inflation back up to new highs. If the European Union decides, for example, to cut off Russian oil, gas prices in the United States would likely accelerate. China's COVID lockdowns are worsening supply problems and hurting growth in the world's second-biggest economy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. intelligence assesses Putin is preparing for 'prolonged conflict' beyond eastern UkraineNEW: U.S. intelligence assesses Putin is preparing for a 'prolonged conflict' in Ukraine that's likely to become 'more unpredictable and escalatory' due to a 'mismatch' between his ambitions and military capabilities.
Read more »
Macron floats 'new European organisation' idea for coordination beyond EUNoting the urgency of giving Ukraine and other EU hopefuls like Moldova and Georgia a place in the heart of Europe, the French president called for the creation of a 'European political community'.
Read more »
Abortion Resources for Texans and BeyondFrom counseling to contraception to legal services, here are your options for reproductive health in Texas.
Read more »
Residents pack Homer Township meeting beyond capacity to protest senior housing developmentFire officials told residents they had to leave the Homer Township Board meeting Monday as crowds of people lined the room and hallways to protest a senior housing development.
Read more »
'The Worst Draught' In Generations: 23 Apocalyptic Photos Of Lakes Drying Up In California And BeyondBoaters at Lake Mead recently found a barrel — exposed by dropping water levels — that contained human remains. Authorities say it won’t be the last.
Read more »
Florence + the Machine: beyond the fairy taleAs florencemachine releases her album 'Dance Fever,' she talks to RollingStoneUK about relationships, avoiding fame, and managing anxiety. Read the cover story:
Read more »