You probably don’t need a news report to tell you that gasoline prices have been surging. Prices are at a seven-year high, up more than a dollar from a year ago.
Rising energy costs, including gasoline as well as natural gas and coal, are a major driver of high inflation. That’s putting pressure on household budgets and creating a major political problem for the Biden administration.
The president recently said that addressing inflation “is a top priority for me,” and his administration has repeatedly alluded to the possibility of some sort of action to push gasoline prices down.