When a news anchor confronted Energy Secretary Jennifer Granholm about high gasoline prices and asked about the Biden administration’s plan to increase oil production in America, she burst into laughter. “That is hilarious,” she said.
It was early November 2021, and gas prices were averaging $3.39 nationally. The reporter wasn’t laughing. And now, with the average price well above $4 and still climbing, no one else is either.
Americans feel the pressure build every time they fill up, of course, but it doesn’t stop there. Think of all the activities, goods and services that rely on transportation, and one starts to see how higher gasoline prices increase costs throughout the entire economy.
