(Image courtesy Unsplash)
(ZEROHEDGE) – GasBuddy reports the national average for gasoline at the pump has hit $5 per gallon, setting a new record in the U.S., as fuel inflation shows no signs of abating amid severe bottlenecks in refining and robust demand as peak driving season is underway.
Bear in mind though, that adjusted for inflation, today's $5 gas price is still below the record high from 2008 of around $5.50.
We detailed this week how America's pain at the pump is because U.S. refining capacity is structurally short and down 1 million barrels from April 2020 (a month after the lockdowns began) to 17.95 million bpd as of June.
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