Just as the Biden administration finally got around to admitting that they got it all wrong on inflation, a solemn sign from the world of petroleum pricing has Americans beginning to fret again in earnest.
Sure, it was at least a little bit relieving to hear Janet Yellen finally admit that the Biden team was wrong in how they calculated and handled inflationary trends, but the admission really should be accompanied by some swift action.
Because, as we can tell from our gas prices, this inaction isn’t working.
Gas prices increased five cents into Wednesday morning and topped a record high of $4.67 gallon, AAA data revealed.
As drivers are confronted with a 50 percent gas price increase from last year, 18 states are hovering around $5 per gallon.Trending:
JPMorgan Chase on May 18 raised concerns the national average price of gas could increase to $6 per gallon. California has already exceeded $6/gallon.
In some liberal locales, there were reports on Wednesday of gas topping $8 per gallon.
As these prices go up, Joe Biden’s approval rating will likely continue to trend in the opposite direction.