And that’s precisely why the price at the pump continues to hold at multiyear highs.
Daniel James Graeber
High prices may finally be catching up with consumers, though the Omicron variant could be a significant game changer.
But while commodity prices are plummeting, it may take a bit for consumers to notice because of supply chain issues.
Demand is at the very least holding near pre-pandemic levels despite looming concerns about inflation.
But it doesn’t have all that much to do with White House actions on the Strategic Petroleum Reserve.
The usual factors that would move the needle for crude oil prices midweek were overshadowed by other high-profile events.
The average retail price of gasoline is stuck at around $3.40 per gallon and several factors help explain why.
Crude oil prices remain at multiyear highs and could undermine U.S. economic growth. Will Strategic Petroleum Reserves be tapped?
Federal estimates for the price at the pump were revised higher in a monthly energy market forecast.