Gas Prices a Growing Concern
It’s no secret that gas prices are rising in the United States…In fact, the national average price is at the highest level seen since 2014.
This is driving a monumental increase in concern from the populace.
Mentions from consumers indicating worry, stress, or fear about rising gas prices have surpassed generic inflation concern in terms of growth, up +166% YoY on a 90-day moving average.
Although the April CPI report shows that “All items” increased 4.2% from the prior year, it goes on to reveal that gasoline prices have risen by a whopping 49.6% YoY.
Factoring the recent cyber-attack on a US pipeline that has caused shortages across the east coast, it’s not hard to see why fuel prices are at the front of consumer minds.
Crude Oil Futures (CL=F) are up nearly +40% YTD.