Late last week, President Joe Biden announced that he would be releasing 180 million barrels of oil from the Strategic Reserve, a measure the White House claims will do little to alleviate pain at the gas pump.
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On Wednesday, the Fed raised interest rates for the first time since 2018. Critics say this is too little too late, as inflation hit a record high of 7.9 percent at the end of February.
The Labor Department released data showing that wholesale inflation has reached ten percent when compared to this time in February 2021. When comparing from January's producer price index at 1.2 percent, data shows that there is a slight slowdown in the rise of prices.
America hasn't seen inflation such as is raging at present since 1982. Last month's Labor Department report pegged inflation at 7.9 percent, yet another record high among several months of record highs.
The Bureau of Labor Department released its monthly report on Thursday, and the data showed that once again, inflation is at a record high. The Consumer Price Index for the month of February was 7.9 percent, largely driven by the price of fuel.
On Tuesday, President Joe Biden announced that the United States would officially ban the import of Russian oil as retaliation for Russian President Vladimir Putin's invasion into Ukraine. "We're banning all imports of Russian oil and gas energy," Biden said.
With rising gas prices, there are several factors that affect the savings you can get when purchasing gas. Not only does where you buy gas matter, but the condition of your vehicle as well as the way you drive can have an influence on fuel savings.
Triple A, who tracks the price of gas, said that gas prices are up nearly 45 percent since this time last year, but only in the last week, gas prices rose by eleven percent. This is the first time gas prices have jumped so high since 2008, when oil briefly traded for just under $150 per barrel.
In the last year, the price of a gallon of gas has increased by more than $1. Today, diesel hit nearly $5 on a national average, and gas has gone up at least twenty cents on average since Russia invaded the Ukraine a week ago.