“The price of gas is likely to remain above $4 per gallon,” she said, based on data from the Department of Energy.
Granholm has said in the past that high gas prices will encourage people to buy more expensive, fuel-efficient vehicles.
In the past two days, gas prices have climbed nine cents to $4.715, according to AAA data on Thursday. A total of 18 states are hovering around $5 per gallon. JPMorgan Chase on May 18 raised concerns that the national average price of gas could increase to $6 per gallon. California has already exceeded $6.
Commerce Secretary Gina Raimondo was also questioned about Biden’s high gas prices. When asked when gas prices may come down to pre-Biden administration levels, Raimondo replied she did not know.
“No one has a crystal ball,” she said.
Soaring gas prices are one reason inflation has reached a 40-year-high. According to Bloomberg, inflation will cost American households on average an extra $5,200 in 2022, or $433 per month. Inflation will also delay 25 percent of Americans from retiring, a BMO Real Financial Progress Index survey revealed.
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11.24.2024