The treasury secretary said energy prices should come down over the long-term due to an increase in global production.
in every state in America for the first time. Nationally, the average price of a gallon of gas was $4.52, with much higher costs in some states, such as California. The higher energy prices come on top of a U.S. economy already racked by the highest inflation in roughly four decades, and this summer could bring gas prices up even further with increased demand as consumers hit the road.
“Consumer prices for both gasoline and diesel have soared to record high levels in the U.S. and show no signs of abating,” McNally said. “While not every recession was triggered by spiking oil prices, spiking oil prices always cause or contribute to recession.”
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