Connect with us

Hi, what are you looking for?

National News

Gas prices surge to new record high a day after stock market plummets

(The Center Square) – Gas prices reached yet another record high Thursday, a day after poor retailer earnings reports sent stocks tumbling to its worst day in more than two years.

According to AAA, the average national price of a gallon of gasoline climbed to $4.59 Thursday morning. That’s up from $4.57 Wednesday, $4.41 a week ago and $3.04 last year at this time.

The surging cost of fuel is in part causing 40-year-high inflation, with the cost of everything from food to other household goods also surging.

JP Morgan analysts warned that gas prices could average more than $6 a gallon this summer.

Stocks plunged Wednesday after retailers like Target and Walmart reported steep declines in first quarter earnings reports. The retailers blamed rising transportation costs and other inflationary pressures for the disappointing numbers.

“Worries over inflation and a hawkish Fed are nothing new, but now add in worries over profit margins and the impact of inflation on the consumer and you have the recipe for a big down day,” Ryan Detrick, chief market strategist at LPL Financial, told The Hill.

The price of a gallon of diesel fuel, used by truckers who ship consumer goods across the country, stood at $5.58 a gallon nationally, according to AAA. That’s up from $3.17 a year ago.

Gas prices have increased every day this week. In California, gas prices rose to $6.06 a gallon on average Thursday, highest in the U.S. In Hawaii, prices were $5.36 a gallon on average.

Republicans and energy officials blame the high costs on President Joe Biden’s restrictions on the oil and gas industry. The Biden administration has blamed it on Russia’s invasion of Ukraine, though prices started surging well before the war began in February.

By Dan McCaleb | The Center Square
​Dan McCaleb is the executive editor of The Center Square.

The Georgia Virtue
Written By

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Bulloch Crime & Safety

The Statesboro Police Department arrested three individuals following an undercover operation targeting online predators. The agency said in a press release Friday that an...

Bulloch Crime & Safety

The Bulloch Co Jail Booking & Incident Report 06/27/22 details arrests from Statesboro, Brooklet, Register, Portal, Bulloch County, and the Georgia State Patrol. Incident...

Courts

The Georgia Supreme Court this week issued a formal public reprimand for a judge investigated following an incident with a cell phone, admonishment, and...

State Politics

Vic Reynolds will no longer be the Director of the Georgia Bureau of Investigation following an announcement made by Governor Brian Kemp on Friday....

Copyright © 2022 ... JustSun LLC.

NEVER MISS A STORY!
Sign Up For Our  Newsletter
Get the latest headlines and stories - and even exclusive content!- sent right to your inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link