Important Takeaways:

• Bidenomics 101: Gas Prices Soar Again to New High for 2023 Adding to Inflationary Pressures
• The national average gallon of gas traded at $3.89 last week, its highest level since October 2022, according to the latest figures supplied by the AAA.
• The pump price shows a variation across the country with some of the steepest jumps in Midwestern states, while in Washington state and California, prices have reached an average of $5 and $5.07 a gallon, the Detroit Free Press reports.
• Michigan’s average gasoline price set a new high for 2023 on Monday, hitting $3.76 a gallon for regular unleaded, an increase of nine cents from last week, the AAA figures show.
• The surge in gas costs to a nine-month high follows a 20 percent jump in global crude prices this summer, after Saudi Arabia and Russia slashed supply, the Financial Times reports.

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