Gasoline Price Surge Exceeds March 2022 Record

Jim Bianco, president of Bianco Research posted on X, reported that the national average gasoline price rose by 11.2 cents yesterday. This surpasses the largest one-day increase of 10.9 cents after the Russia-Ukraine War began in March 2022. The only larger one-day jump was in early September 2005, with a 19-cent rise due to Hurricane Katrina's impact on Gulf oil infrastructure. This early month surge may significantly affect March's Energy CPI. If Energy CPI increases headline CPI, it complicates the Federal Reserve's potential rate cuts.