Gasoline prices in the US are at an eight-year high

It is stated that while the average gasoline price in the USA has reached the peak of the last eight years, this situation may put US President Joe Biden, who has been trying to reduce fuel prices for a while, in a difficult situation.

According to data published by AAA on its website, the price of gasoline per gallon rose to $3,423, reaching its highest level since September 2014. Oil prices continue to strengthen with production problems in some regions and signs that demand exceeds supply.

Despite all the efforts of the Biden administration to rein in inflation, which has seen its peak in decades, the rise in fuel prices continues. While major consumer countries have already used their emergency reserves, they are not doing much to control the booming crude oil market.

Paul Horsnell, Director of Standard Chartered Commodities, said, "The price of more than $3.40, which emerged by withdrawing the barrel to $80 while gasoline was $3.30, will put serious pressure on Biden. A new stock release that the management has not yet released given the situation with Russia might happen."

Gary Simmons, CCO of Valero Energy Corporation, noted in the company's latest conference call that global consumption is on track to catch up to summer 2019 levels. While the stocks of the countries increased, as they should be at this time of year, they are still below the 5-year average.