Inflation concerns in the United States have intensified, with gasoline prices rising to their highest seasonal level in more than a decade

As the Labor Day holiday comes to an end, the U.S. summer driving season is coming to an end, but gasoline prices are still at their highest seasonal level in more than a decade.Industrial foreign exchangeThe fear is that inflation could rise again, posing a challenge to President Biden's re-election.

The average price of regular gasoline at gas stations across the country is now $3.811 a gallon, up from the same period last year and the second-highest level since 1994 by the American Automobile Association. Generally, gasoline prices typically decline as the fall begins.However, now, after relatively cheap prices in the summer, gasoline prices are rebounding in a U-shaped manner.

The pullback in oil prices has been further complicated by the recovery in crude oil costs.Global crude oil supplies tightened after Saudi Arabia and Russia each announced that they would extend production cuts until the end of the year, with Brent crude futures trading above $90 a barrel on Tuesday. WTI futures were both at their highest levels since November.

Rising fuel costs pose a challenge for Biden

Expensive fuel poses a risk to Biden because it is one of the clearest signs of inflation.Jake Sullivan, the national security adviser, said at a White House briefing on Tuesday that the president was "doing everything in his power to provide consumers with lower gas prices," adding that gas prices were the "ultimate measure" of success.

The Bureau of Labor Statistics released data last month.After falling for 12 consecutive months, the U.S. consumer price index (CPI) rebounded for the first time in July, climbing back to 3.2%, but slightly lower than expected.

At present, Biden is seeking re-election, and his handling of the economy, especially his response to inflation, has upset the public.A recent Wall Street Journal poll found that a majority of registered voters say they disapprove of Biden's handling of the economy (59%) and inflation (63%).

The Biden administration, which sold an unprecedented amount of oil from the strategic petroleum reserve last year in the wake of the conflict between Russia and Ukraine, when record oil prices pushed inflation to a 40-year high, is buying back crude to replenish inventories.The current level of strategic petroleum reserves in the United States is approaching its lowest level in 40 years.

The fuel market has also been squeezed.National fuel inventories have been largely below seasonal norms since mid-July, and the drop in demand should help balance supply and demand as refineries head into the fall maintenance season, although supply is unlikely to return anytime soon.