You’ll notice Democrats aren’t speaking about gas prices lately —and here’s why…
According to a report from Yahoo Finance, gas prices have hit yearly highs this week, with costs in California reaching $5.69 per gallon.
From Yahoo Finance:
Gas prices hit new 2023 highs Monday as a squeeze on oil supply sent prices of refined products higher.
The national average for gasoline in the US hit $3.88, according to AAA. In Western states, prices are well above the national average. California’s average sat at $5.69 per gallon.
The price of diesel, which is used to transport goods via trucks, was up $0.23 from one month ago, at $4.57 per gallon.
Other refined products like jet fuel have also been on the rise. Several airlines including United Airlines (UAL), Delta (DAL), and American (AAL) sounded the alarm recently on lower profits amid higher fuel costs.
Additionally, the SPR is in serious trouble.
Total US crude oil inventories, including the Strategic Petroleum Reserves (SPR), just fell below 800 million barrels.
The last time this happened?
In 1985, just a few years after the SPR was formed.
In other words, the US now has just 46 days worth of supply in total… pic.twitter.com/fxsvjNnybH
— The Kobeissi Letter (@KobeissiLetter) September 12, 2023
More over at Yahoo Finance:
Gas prices hit 2023 highs as oil chugs higher https://t.co/tsSAKDo00Y by @ines_ferre
— Yahoo Finance (@YahooFinance) September 18, 2023