According to Yahoo Finance…
The flooding from “storm Hilary on the state also threatens California’s refining and distribution systems, potentially pushing prices higher.”
But gas prices were climbing before Hilary was a blip on the radar.
Higher gas prices are hitting Americans hard in the wallet…
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Gas prices just hit an average $5.26 in California.
And while it’s no secret the Golden State has expensive gas prices…
A Yahoo Finance article suggests that Hilary’s impact could have something to do with the rise.
But gas prices were already climbing before, so it makes no sense to blame the storm.
That’s why a lot of people see this as a cheap excuse for gouging prices.
Meanwhile, the national average gas price is also rising.
According to the Energy Information Administration (EIA)…
The price of a gallon of regular gas has reached $3.96 nationally last week.
This will not only hit Americans’ wallets HARD…
But it could also hit the inflation numbers hard in the next CPI report.
What’s worse: Energy-driven price inflation could reduce consumer spending.
More money spent on energy means less money spent elsewhere.
In turn, rising gas prices could lead to slower job growth, higher mortgage rates, higher interest rates, higher grocery prices… basically higher inflation.
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