Gasoline prices in the US hit a new peak

Gasoline prices at America consecutively breaking records since the beginning of spring. This number is provided by the American Automobile Association (AAA) – an organization that specializes in determining the average cost of fuel across the country – provided. Last week, the United States recorded the first time the average price of gasoline exceeded $4 per gallon in all 50 states.

AAA said the main reason was due to the high price of crude oil.

“Oil prices – a key ingredient in gasoline – increases are driving gasoline prices higher for consumers,” explained Andrew Grosss, a spokesman for AAA.

In the state of California, where the price of gasoline is the highest, the price is 6.07 USD/gallon, equivalent to 1.60 USD/liter. Meanwhile, the states with the cheapest gas prices are Oklahoma, Kansas and Arkansas, about over $4/gallon.

Gasoline prices in the US are said to show no signs of slowing down before the summer driving season approaches, according to CNBC.

Some petroleum experts predict gasoline prices will increase to 5 USD/gallon or more. JPMorgan analysts even forecast the national average gasoline price will reach 6.20 USD/gallon in August.

The average gasoline price in the US is now nearly double what it was in the last month of former President Donald Trump’s term, when it was $2.41 per gallon. This is also the highest price since President Joe Biden take office. This time last year, the price of gasoline was only 3.04 USD/gallon.

Fuel prices in the US have skyrocketed since March 8, when Mr. Biden announced an import ban oil from Russia related to the war in Ukraine. From the beginning of April, gasoline prices began to decline slightly, as Washington’s strategic gas reserves began to enter the market.

However, with US gasoline stocks at their lowest seasonally since 2019, JPMorgan said the situation is likely to get worse in the coming months. The bank admits it will be difficult to meet consumer demand for gasoline during this summer’s driving season, when millions of American families travel and relax.