Original title: U.S. crude oil prices reach $80 per barrel or increase inflation Source: CCTV News Client
CNN reported on October 11, local time that the price of US crude oil reached US$80.52 per barrel on the 11th, the highest level since October 31, 2014. Since the price of crude oil fell to US$-40 per barrel in April 2020, US oil prices have soared by US$120 in more than a year.
According to data from the American Gasoline Association (AAA), the average gasoline price in the United States hit a seven-year high on the 11th, reaching $3.27 per gallon, a 7-cent increase in the past week alone. Since the bottom in April 2020 to $1.77 per gallon, gasoline prices have almost doubled. Since the outbreak of the new crown pneumonia epidemic, people’s travel needs have fallen sharply, and oil prices have also fallen sharply. This year, as Americans’ travel demand resumed, gasoline supply fell short of demand, causing the U.S. oil prices to continue to rise.
CNN wrote in the report that high oil prices will aggravate inflation, and the current energy crisis facing the world is likely to continue to push up gasoline prices. (CCTV reporter Yin Yue)
(Edited by Jin Rucheng)
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