Bidenomics 101: Gas Prices Soar Again to New High for 2023 Adding to Inflationary Pressures
U.S. gas prices are soaring again, posing another challenge to an inflation problem the Federal Reserve has battled over the past year and President Joe Biden claimed is all under control thanks to the much-touted “Bideonomics.”
The national average gallon of gas traded at $3.89 last week, its highest level since October 2022, according to the latest figures supplied by the AAA.
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“The White House is in full-blown panic mode,” Bob McNally, head of Washington-based consultancy Rapidan Energy Group and a former adviser to president George W Bush, told the FT.
“Any sitting president is threatened when pump prices go up because of the impact on consumer confidence and the president’s approval rating.”