Americans will probably continue to experience record-high inflation, a new report from the federal government suggests, at least for the foreseeable future. The Bureau of Labor Statistics released new data Wednesday that found inflation of consumer prices dipped slightly in April but remained near a 40-year high, at 8.3 percent above last year.
For many people, that means they’ll continue to pay more for things like housing, groceries and transportation. In fact, the average price of gasoline hit a record-high of $4.37 a gallon, according to AAA. But exactly what’s causing the inflation and the solutions for addressing it remain part of a heated debate, with many Republicans and industry leaders blaming President Biden’s focus on transitioning to renewable energy to tackle climate change as a primary factor.
On Thursday, the Biden administration announced it was canceling oil drilling lease sales in the Gulf of Mexico and Alaska’s Cook Inlet, saying it was mainly due to a “lack of industry interest” and complicating legal factors.