Since Monday, June 6, the national average price for a gallon of regular fuel has increased 12 cents to reach $5.004 on Saturday; while in California, prices have reached an average of $6.43 per gallon, being the most expensive of the 9 states with the highest costs across the country.
This is how it is detailed Automobile Association of America ‒AAA, for its acronym in English‒ in its daily report on energy prices throughout the country, where it details that the demand for gasoline rose from 8.98 million containers per day to 9.2 million, as drivers continue to fill up for the summer driving season, which is typically a time when demand for gasoline increases.
This dynamic between declining supply and increasing demand is contributing to rising prices at the pump. Added to this is rising crude oil prices, which could mean costs will continue to rise in the near future, reaching new records.
Notably, crude oil prices have risen this week in response to global supply concerns amid expected increases in demand, particularly as China emerges from blockades that reduced demand for crude.
In California, things don't look any better for gasoline costs. The average of $6.43 per gallon is the highest in the country, reaching $7.799 per gallon in Alpine County.
Statewide, the cost per gallon was $4.224 a year ago, up $2.20 over the past 12 months. Compared to last month, the increase was nearly 59 cents, an unsustainable situation for many families in the Golden State.
San Mateo County is not far behind, the average cost per gallon is $6.636, 20 cents above the state average.
Added to this is the highest inflation rate recorded in the last 40 years, where the consumer price index soared by 8.6 percent compared to 2021, the largest increase since December 1981, according to government data published this Friday, June 10.
Rampant inflation in the U.S. is putting severe pressure on families, forcing them to pay much more for food, gasoline and rent, while reducing their ability to afford extra services or purchases.
African American and Latino communities are among the hardest hit, with a large portion of their income going toward basic needs.
Although analysts expect inflation to decline by the end of this year, they do not expect the difference to be much, which is why the federal government has announced that it is seeking to implement measures to help citizens deal with the problem.
Americans already consider high inflation to be the country's main problem, according to polls, where the majority disapprove of President Joseph Biden's economic management, all of this in view of the midterm elections.
"My Administration will continue to do everything possible to lower prices for the American people. Congress must also act urgently. I call on Congress to pass a bill to lower shipping costs this month and bring it to my desk, so we can lower the price of goods," Biden said in a statement on Friday.
He also called on Congress to pass legislation to reduce costs for families, such as energy bills and prescription drugs.
He said the deficit has shrunk more under his tenure as president than at any other time in history, "but if Congress were to pass tax reform so that the wealthiest Americans and large corporations pay their fair share, we could reduce this inflationary pressure even further."
He explained that the country is on track to produce a record amount of oil next year and is already working with the industry to accelerate this production.
However, he said, “it is also important that this country’s oil, gas and refining industries not use the challenge created by the war in Ukraine as a reason to make things worse for families through excessive profit-taking or price increases.”
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