Gas prices jump 5 cents overnight, reaching another all-time high

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CASEY HARPER / THE CENTER SQUARE

Gas prices increased another 5 cents overnight to reach yet another record high, marking another week where costs rose every day as economists worry about how consumer spending will impact the economy overall.

Gas prices have jumped 14 cents in just the last three days.

The national average for a gallon of unleaded gas is $4.76 as of Friday, according to AAA, topping the previous day’s average of $4.72, which was its own all-time high. Gas prices are well over $4 in every state, topping $5 in seven states and more than $6 on average in California.

Diesel gas prices also hit a new record Friday, reaching a national average price of $5.58. Rising energy costs are in part driving 40-year-high inflation.

As gas prices rise, consumer consumption is dropping. Consumption has declined at a rate of 3% to 5% the past seven weeks, according to DataTrek, suggesting that the high costs are affecting behavior.

The Bureau of Labor Statistics’ most recent consumer price index data reports that energy costs have risen faster than any other category of good or service in the last 12 months.

“The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March,” BLS said. “The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”

As a result, many Americans are struggling to make ends meet. The prices have a political cost, as well, drawing fresh criticism for President Joe Biden’s energy policies, in particular his blocking of new oil leases and pipeline development.

“Joe Biden said he can’t ‘click a switch’ to make gas prices go down, but he clicked a switch to make them go up,” said Daniel Turner, executive director of the energy workers advocacy group, Power the Future.

20 COMMENTS

  1. Thanks Lisa & Dan our two Rinos voted for Haaland & most other Biden appointees!They both are Guilty & sadly we may not recover!

  2. You wanted this America. Happy?

    The Orange Man was mean, but you could afford to feed your family.

    • You are right! $5.39 at Holiday Station today in midtown. Jumped 20 cents today. Mainstream America is not going to put up with this nonsense very long.

  3. Ayyykchually hi gas prices are a good thing for Alaska mmmkay. Also Dan Sullivan wasted money on an accounting program that sucked, mmkay. So if it’s not Trump then it’s Putin,mmkay. It’s that simple people.

      • This is called sarcasm Ben. It was written as a joke about how clueless and or useless most anchorage residents are about our current situation. That’s why I titled it “average anchorage-ite”, to drive home the point that most idiots are watching MSM and don’t understand how Biden’s admin is directly responsible……sorry I’ll try to dumb it down in the future.

      • Ironic, then, that in your diatribe against the supposedly bad English of the previous poster, you do not even recognize the difference between “that” and “who”, i.e., “… a person WHO can’t even type good English …”
        .
        In case you still don’t get it (which I suspect will be the case here), “that” is used in reference things, “who” in reference to people. By using the word “that” to refer to a person, you are effectively objectifying and dehumanizing them.

  4. You ain’t seen nothin’ yet!
    Xiden is a’stridin’!!!!!

    With Lovely Little Princess Lisa urging him on.

  5. It’s hard to see how Alaskans can complain about high gas prices – the high oil prices that cause them increase their PFDs, and by the way, you’re also getting an energy rebate unlike other people in the country who get nothing of the sort.

    • This is the “average anchorage-ite”type that I was making fun of Ben. Notice how they are defending the mess and telling you that you should actually be happy…….
      It’s a good thing prices are high, you get a rebate, etc. etc. etc.
      Never mind that everything else is rising in cost, while the dividend gets whittled down, and that the rest of the country has no idea how much more expensive everyday items are here. So that energy rebate ain’t really making up the difference.

  6. It’s hard to see how anyone can still defend Biden when every single price is going straight up. This is intentional, exactly what the democrats said they would do. Stolen elections have consequences.

  7. Oil companies quit expanding production in 2018 when oil was at $65 per barrel. Why would oil companies expand production now at $115 per barrel. they are returning profits to shareholders, not expanding production. Only a fool would believe this is Biden’s fault, he has only been in office 17 months, only the Saudi’s can increase production rapidly.

    • Again….. another defender of comrade Biden. Frank doesn’t care so much about the price of gas because Frank is retired. Frank doesn’t have to drive to work, or the little league games or school drop off….etc. Also Frank is either being obtuse or daft, if you don’t see the correlation between Biden shutting done leases and killing keystone and an instantaneous rise in the cost of fuel then you are the dumbest SOB I ever met. Go smoke another cigarette Frank and process your delusion. Remember when gas went to 5 bucks during Obama’s second term? I do. You were probably using the R&M gas card to fill up.

  8. No problem. My van gets almost 30 miles to the gallon. No more stupid driving and I’m riding my bike more than ever. Buck up Alaska! Most countries have paid this much for years.

  9. Impeach 46! Or use Article 25 to remove him from office, he is obviously incapable of running the country! 53 billion dollars wasted on a war in Ukraine that we have already lost while Americans are forced to decide between gas to get to work or food to put on the table. This corrupt and senile clown will go down in history as the worst president the USA has ever had the misfortune to endure,

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