<p>In a week <a href="https://www.dailywire.com/topic/economy">marked</a> by gas prices surpassing $5 per gallon and <a href="https://www.dailywire.com/topic/inflation">inflation</a> reaching new highs, the <a href="https://www.dailywire.com/topic/stock-market">stock market</a> saw its worst returns since January.</p>
<p>After the dust <a href="https://www.cnbc.com/2022/06/09/stock-market-news-open-to-close.html">settled</a>, the Dow Jones Industrial Average had fallen 2.73%, the Nasdaq had fallen 3.52%, and the S&amp;P 500 had fallen 2.91%.</p>
<p>On Thursday morning, GasBuddy announced that the <a href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon">national average price of gasoline</a> hit $5 per gallon. Days earlier, gas prices were $4.82 per gallon — more than double the $2.39 average when President Joe Biden entered the Oval Office at the beginning of last year.</p>
<p>Then on Friday, a report from the U.S. Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, meaning that <a href="https://www.dailywire.com/news/inflation-reaches-8-6-setting-new-four-decade-high">inflation hit new four-decade record highs</a> once again. The new figure surged past the Dow Jones estimate of 8.3% year-over-year inflation.</p>
<p>Biden attributed the ugly report to “Putin’s Price Hike.” He also <a href="https://www.dailywire.com/news/president-biden-blames-vladimir-putin-for-record-high-inflation">pinned the blame</a> on purported corporate price-gouging and wealthy Americans failing to pay higher taxes.</p>
<p>“Prices at the pump are a major part of inflation, and the war in Ukraine is a major cause of that. The United States is on track to produce a record amount of oil next year, and I am working with the industry to accelerate this output,” Biden said in a statement. “But it is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes.”</p>
<p>Although most social media accounts for Democratic members of the Senate discussed the January 6 protest hearings on Friday morning while remaining silent about the dismal inflation news, two lawmakers — Sen. <a href="https://www.dailywire.com/topic/amy-klobuchar">Amy Klobuchar</a> (D-MN) and Sen. <a href="https://www.dailywire.com/topic/elizabeth-warren">Elizabeth Warren</a> (D-MA) — called for Congress to <a href="https://www.dailywire.com/news/heres-how-democrats-reacted-to-inflation-reaching-new-highs">pass legislation</a> they believe will slash prices.</p>
<p>Klobuchar — pointing toward a Thursday tweet from President Joe Biden that blames high prices on “a handful of companies who control the market” for shipping — referred to her <a href="https://www.klobuchar.senate.gov/public/index.cfm/2022/3/klobuchar-thune-bipartisan-legislation-to-help-fix-supply-chain-and-ease-shipping-backlogs-passes-senate">Ocean Shipping Reform Act</a> as a mechanism to prevent the firms from “jacking up prices.” Meanwhile, Warren praised Klobuchar’s <a href="https://www.klobuchar.senate.gov/public/index.cfm/2021/10/klobuchar-grassley-colleagues-to-introduce-bipartisan-legislation-to-rein-in-big-tech">American Innovation and Choice Online Act</a> — which, according to Warren, would “promote competition and lower consumer prices” by prohibiting technology firms from “favoring their own products.”</p>
<p>Many economists are watching the <a href="http://dailywire.com/topic/federal-reserve">Federal Reserve</a> as it considers a faster rollback of its aggressive monetary stimulus. Although the central bank already introduced two interest rate hikes this year — 0.25% in March and 0.5% in May — many on Wall Street believe that a 0.75% rate hike may be <a href="https://www.yahoo.com/now/fed-seen-extending-steep-rate-144215947.html">on the table</a>.</p>
<p>Polls indicate that Americans are worried about rising price levels ahead of this year’s midterm elections.</p>
<p>In a Harvard <a href="https://www.dailywire.com/news/poll-95-of-voters-say-inflation-is-somewhat-or-very-serious">survey</a>, 95% of respondents said that inflation is “very serious” or “somewhat serious.” A plurality — 47% — said that the Biden administration is responsible. Another <a href="https://www.dailywire.com/news/94-percent-of-americans-concerned-about-inflation-overwhelmingly-trust-republicans-to-handle-it-poll">poll</a> from The Washington Post and ABC News revealed that 94% of Americans were either “upset” or “concerned” about the impact of skyrocketing prices. Biden’s approval rating was underwater, with 42% of respondents approving of his work and 52% disapproving.</p>

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Stock Market Sees Worst Week Since January After Gas Hits $5, Inflation Reaches New High