Record Increase in US Gasoline Prices

Gasoline rose to a all-time high in the United States. Average fuel prices hit a all-time high above $5 for the first time in its history on Saturday. American citizens noted that they were worried about the situation.

According to the data of the American Automotive Association (AAA), fuel prices broke a record by rising above $5 for the first time after the rising of inflation in the USA. AAA's data put the national average for unleaded gasoline at an all-time high, rising from $4,986 to $5,004 on June 11. Gasoline prices, which differ by region, went up to $6.43 in the state of California. President Joe Biden has previously resorted to many ways to drive prices down, including by launching record levels of oil from US strategic reserves and urging major OPEC countries to increase production. However, with the combination of factors such as recovering global demand, sanctions on Russia, one of the main oil producers, and tightness in refinery capacities, these measures had an effect and fuel prices continued to rise. “The $5 level could be where we see a huge drop in demand for gasoline,” said Reid L'Anson, Senior Economist at Kpler.