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Retail gasoline prices in the US hit the highest level in history

According to AAA, the average retail price of a gallon of gasoline hit $4,373 on the morning of March 10 (equivalent to about $1.15 per liter), surpassing the old record of $4,331 set in March.

Gasoline prices in the US have hit record levels, but are still significantly lower than in other major consumers such as the UK, Japan and France, where higher taxes drive up fuel costs.

The increase in gasoline prices was mainly due to higher crude oil prices, which hovered around nearly $100 a barrel last week and are now rising to near $110, AAA explained.

The price of Brent has in fact fallen 7% since March. As a result, gasoline prices also fell slightly in April, but are now up about 10%.

The retail price of diesel oil also hit a record this week, touching $5.45/gallon.

A recent survey found that rising fuel prices have forced about two-thirds of vehicle owners in the US to change their driving habits.

According to data from the Energy Information Administration, oil prices have been pushed to high levels due to some US refineries having to close during the pandemic. The remaining factories – meanwhile – are operating at full capacity.

Global fuel stocks are shrinking as travel demand has recovered to pre-pandemic levels, while output has yet to catch up.

Supply tightened further after Russia launched a military campaign in Ukraine, leading to the US, European Union (EU) and its allies imposing sanctions or planning to remove the country’s oil. this.

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