Gasoline prices hit a record, Americans lost their wallets

Worrying about money is the mood of many consumers in the US right now. According to the American Automobile Association (AAA), gas price The average retail sales yesterday (May 10) was 4.37 USD/gallon, equivalent to 27,000 VND/liter, higher than the record level of 4.33 USD/gallon recorded on 3/11/2021. The average gas price in 2021 is only 2.97 USD/gallon.

Gasoline prices increased after the world crude oil prices increased due to the impact of the Ukraine conflict. Currently, the price of oil is around 100 USD/barrel.

Gasoline prices in the US may increase by 10 cents/gallon in the near future. (Illustrated image – Photo: Getty Images)

This latest increase in gas prices will make the Biden administration’s effort to cool down inflation more difficult.

“I want all Americans to know that I take inflation very seriously and that it is a top priority for my country,” said US President Joe Biden.

The price of consumer goods in the US has increased by more than 8% compared to 2021. US President Biden has not announced new policy measures, but said that one of the options to prevent price escalation is being calculated by the government. Next is the removal of import duties on Chinese goods, which were imposed under former President Donald Trump.

According to Biden, US officials are discussing this possibility, but no decision has been made.

Analysts believe that gasoline prices in the US may increase by 10 cents/gallon in the near future, especially when the US enters the summer tourist season.

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