National gas prices are pennies from reaching $5 per gallon on average for regular. It’s already well past that in Central Oregon, where the average price crossed $5.50 on Wednesday.
The price of diesel is far worse, reaching $5.72 nationally and $6.20 in Central Oregon Wednesday.
It’s increasingly likely people are taking steps to avoid having to pay at the pump. We wanted to know what you are doing as an alternative to driving. Or, are you still getting behind the wheel and dealing with the pain of skyrocketing gas prices?
Oil Analyst Tom Kloza tells CBS News the hikes are not slowing down.
“July, it’s anything goes,” Kloza said.
As hurricane season ramps up, there is fear gas prices could shoot up even higher. A powerful storm could wreak havoc on the country’s already stressed refinery capacity.
“I think the hurricane really alters the calculus. Then you get into the $6 to $7 a gallon range,” Kloza said.
Republican lawmakers are calling on the Biden administration to do something.
“If there’s anything that gets the American people’s attention, it’s the price of gas,” said Sen. John Thune, R-SD.
While testifying before the Senate Finance Committee, U.S. Treasury Secretary Janet Yellen said that while the U.S. can’t fully insulate itself from global economic issues, getting inflation under control is a top priority.
The World Bank on Tuesday warned most countries are likely headed towards a recession. It pointed to the potential of so-called “stagflation,” as a reason why. — a mixture of low growth and rising inflation, which tends to hit developing countries particularly hard.