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US gasoline prices hit all-time high

The national average jumps to above $5 a gallon as summer demand grows

US gasoline prices set a new all-time high on Tuesday, with the national average price for regular unleaded gas rising to $5.016 per gallon, data from the American Automobile Association (AAA), which tracks prices at more than 60,000 gas stations across the country, shows.

The highest prices have traditionally been recorded in the state of California, at up to $6.44 per gallon, and the lowest in Georgia, at $4.49 per gallon.

According to the AAA, rising prices are not yet affecting demand associated with the traditionally busy summer driving season.

Based on the demand we’re seeing, it seems high prices have not really deterred drivers,” said AAA spokesperson Andrew Gross. He added, however, that if prices remain at or above $5, “we may see people start to change their daily driving habits or lifestyle.”

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© Getty Images / Lindsay Nicholson
US consumer sentiment hits rock bottom

According to the US Energy Information Administration (EIA), fuel demand grew to 9.2 million barrels per day last week from 8.98 million barrels per day a week before. Total domestic gasoline stocks, meanwhile, have dropped by 800,000 barrels to 218.2 million barrels last week.

This dynamic between decreased supply and increased demand is contributing to rising prices at the pump,” the Triple-A stated in a press-release.

Another factor that has contributed to fuel-price rises is the surge in global oil prices, spiked by rebounding post-pandemic demand and Ukraine-related sanctions on Russia, one of the world’s biggest crude producers and exporters.

For more stories on economy & finance visit RT’s business section

https://ift.tt/R918klD 14, 2022 at 03:56PM
from RT – Daily news

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