gas prices

Inflation has hit paychecks pretty hard this year as it is at a 40-year high . Decision makers in Washington, D.C. are hoping to see inflation go down. In fact, the Federal Reserve hiked interest rates by another three-quarters of a percentage point in October, putting the rate at 3.75 percentage points, up from zero in March. And while fuel prices have slowly decreased from record levels nationally and statewide, the average price of gas in Wyoming is $3.62 per gallon, up from $3.49 a year ago. Jared Bernstein is a member of the Council of Economic Advisers for the White House, and tackling inflation is part of his job. Wyoming Public Radio's Caitlin Tan asked him how the White House is thinking about tackling inflation and increased fuel prices in rural areas.

This year, inflation has reached a 40-year high, and it has largely been felt at the gas pump. Those in Washington D.C. have ideas about how to tackle inflation, especially in rural areas like Wyoming.

The American Automobile Association reports that the national average price has dipped 9 cents over the last week to $3.79 a gallon. Even though demand is up slightly, it is lower than it was this time last year.

Relief at the gas pump might not be immediate, according to a new state-issued report on how to reduce fuel prices; however, several ideas could be floated in the upcoming legislative session.

Governor Mark Gordon’s Wyoming Gas and Diesel Price Working Group met publicly for the second time last week to discuss more ways to lessen the impacts of high fuel prices on residents.The meeting was a continuation of the group’s first public discussion the week prior.

A group of stakeholders has started looking at how to address high gas prices in the state, but the consensus is bringing prices down might not be so easy.The Wyoming Gas and Diesel Price Working Group was assembled this summer by Wyoming Governor Mark Gordon in an attempt to lower gas prices for consumers. After a series of public meetings, the goal is for the group to provide a recommendation to the governor.

Buses also serve residents in Mills, Evansville, and Bar Nunn with fixed route or door-to-door services. The current fleet is aging and incentives, such as high fuel prices and a nudge from the federal government are reasons why the city is seeking to possibly eventually electrify their fleet.

Federal reports show Memorial Day gas prices are the highest they’ve been in a decade, adjusting for inflation. Still, AAA has found that half of people won’t cancel summer vacations no matter what gas prices do. But about three quarters said they would make some general changes once gas prices hit $5 a gallon.

Gas prices have been on the rise nationwide, the result of several factors, including the effects of the pandemic, supply chain issues and Russia's invasion of Ukraine.

The New Mexico legislature this week approved sending economic relief to about 1.4 million residents to counter rising costs in the state. That mirrors other efforts across the Mountain West – the region seeing the highest rates of inflation in the country.