President Biden was asked how long gasoline prices would remain high and, according to Bloomberg, the president said: “As long as it takes, so that Russia cannot defeat Ukraine and advance beyond Ukraine”. The problem with this answer is that military experts believe that the war could last for years.
High gasoline prices are one of the main criticisms that have been leveled at Biden, and it could affect him in the elections that will take place both in 2022 and in 2024, and in which inflation will be a major problem, if not a determining factor .
Gasoline prices have exceeded $5 dollars per gallon throughout the country. If more geopolitical conflicts occur, this figure could increase. It should be noted that a recession could reverse the trend, if it is shocking enough to substantially reduce demand.
Gasoline prices can greatly affect household budgets, especially for low-income Americans who have to drive a considerable distance.
For those who drive several hundred miles each month, the additional cost with higher prices can be well over $ dollars.
Cars or light trucks that have low gas consumption may face increases in expenses close to $300 dollars. For a family with an income of less than $2,500 dollars, the impact will be tremendous.
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