Retail prices of gasoline and diesel in the United States of America rose to record levels, three weeks before the arrival of the summer driving season in the country. This came amid the US facing the fastest rate of inflation in decades, and the US Federal Reserve’s tireless attempts to control it.
According to data from the American Automobile Association, average gasoline prices rose to $4,374 per gallon. While diesel set a record at $5.55, Even as the government released a large part of its strategic reserves of crude oil.
Economists expect Americans to drive higher this summer than the summer of 2021, even as gasoline rises. As data from the Energy Information Administration last month showed its expectations of consuming 9.2 million barrels of gasoline per day during the period from April to September, An increase of 0.8% over the same period last year.
Oil prices rose this year, which in turn boosted the rise of gasoline, after the Russian invasion of Ukraine disrupted commodity markets. Thus endangering the global fuel supply at a time when demand has rebounded in most economies after recovering from the impact of the pandemic.
It is scheduled to provide US inflation data – later this week – details about the rise in gasoline prices, as well as the recent impact of the price hike on the economy.