You are not imagining it, prices for gasoline are rising faster than ever before. Not even the devastation of Hurricane Katrina, which caused outages for oil rigs and infrastructure in the Gulf of Mexico could rival today’s price increases for gasoline. The Wall Street Journal’s Kara Dapena reports:
As summer driving season approaches, average prices for regular gasoline have been at record highs the past two weeks after going up for 11 straight weeks. Prices reached $4.32 a gallon on March 14, according to weekly figures from the U.S. Energy Information Administration. They were $4.24 this past week, according to figures released Monday.
Those prices at the pump don’t factor in inflation, though, which reached its highest rate in four decades last month. Inflation-adjusted gas prices are at their highest levels since 2014 and similar to what U.S. drivers saw in the early 1980s.
Inflation-adjusted gas prices aren’t at record highs. But if March prices average $4.22 a gallon, as they have so far, they still show that motorists will have been saddled with the biggest month-over-month price increase since EIA records began in the mid-’70s. The next-highest increase was after Hurricane Katrina in 2005.
Some regions have seen greater price increases than others. Nevada saw the biggest increase, with prices up $1.15 for a gallon over the past month, according to AAA, much higher than the national average of 72 cents. The smallest change was in Maryland, where prices rose 28 cents.
Action Line: Inflation is a stealth tax on your retirement and your standard of living, and if you don’t plan for it, life can become very difficult. If you’re retired or soon to be retired, you need to build your investment portfolio with inflation in mind. If you need help, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.
E.J. Smith - Your Survival Guy
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