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high energy cost caused the inflation to rise further in 2022, reaching 9.1%, a high not seen since 1981.

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Biden has taken action in recent months to boost the supply of oil and gas, including an historic release from the Strategic Petroleum Reserve, and encouraging oil companies and refiners to boost capacity and output to get more supply on the market.

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gasoline prices are mainly affected by crude oil prices and the level of gasoline supply relative to gasoline demand. Strong and increasing demand for gasoline and other petroleum products in the United States and the rest of the world can place intense pressure on available supplies.

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House approved a bill that basically stops oil companies from continuing to raise their gas prices.

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In the 2021 calendar year, the average price of gas advanced to $3.13 per gallon from the 2020 average of $2.24, representing a 39.7% increase.

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Gas prices are affected by supply and demand, regulations, accidents/closures, and changes in refining capacity.

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Government promotes gas companies to compete with each other's prices to prevent gas price inflation.

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Geopolitical pressures also lead to a decline in global oil production.

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"Each 10 percent increase in gas and oil prices means consumers will have to spend an additional $23 billion a year to keep up with earlier spending patterns, analysts at JPMorgan Chase found."

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How does war impact gas prices?

What effect does the gas price increase have on the world?

How can peace fix the gas price increase issue?

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inflation rises at fastest pace in 40 years

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Inflation rises at fastest pace in 40 years, pushed up by record gas prices

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The pain of higher prices continues for US consumers.

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With companies losing money, fewer employees can get paid for their work, leading to unemployment problems.

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Companies now have to charge more which is losing them customers.

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companies are having to spend double per year on gas.