Congrats, guys! America just set a new record!
Yeah, I know your grandparents set records for beating the USSR, creating antibiotics, and putting men on the moon, but this generation has record-high gas prices, so take that, Boomers!
The average per-gallon price reached a new record of $4.52 on Tuesday, the automobile group said.
Drivers in California are facing the biggest hit, with prices in the Golden State reaching a new record of $6.02 per gallon, AAA said. The surge in gas prices is contributing to the highest inflation in four decades, and taking a bite out of consumers' wallets.
It seems Georgia, Kansas, and Oklahoma were the last of the holdouts:
Until Monday, there were three states where gas could still be found at an average price of below $4 a gallon: Georgia, Kansas and Oklahoma. But with the jump in prices on Tuesday, those states joined the $4-per-gallon club, with prices hitting $4.06 in Georgia; $4 in Kansas; and $4.01 in Oklahoma.
It's very important to note here that it's all everybody else's fault and not Joe Biden's, because he totally hasn't done anything over the last year that would cripple the U.S. energy industry or cause out-of-control inflation!
Because consumers are spending more on gas, they are cutting back on other consumer goods and services, JPMorgan said in a May 13 report.
This is important because spending, not buying power or rising prices, is what the regime puppets have been using as an indicator that the economy is actually doing great.
"See, people are spending money by the barrel full! That means everything is fine!"
Except now that spending (AKA skyrocketing credit card debt) is starting to slow.
...analysts expected another monthly rise in retail sales (which is reported in nominal dollars) and they were right but the headline print modestly disappointed (+0.9% MoM [month-over-month] vs +1.0% MoM exp) but that was offset by a huge upward revision in March data from +0.5% MoM to +1.4% MoM....
So yeah, that's great. It turns out that releasing all our emergency fuel from the Strategic Reserve didn't save Biden or your wallet. Instead, prices are expected to easily hit $5 by July 4 (but remember Joe saved you $0.16 that one time!).
In the meantime, as the spending slows and recession sets in, it ain't gonna be pretty.
Those credit card bills are gonna hit soon and the interest rates on those balances are anything but low.
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