Average U.S. gasoline price rises above $4 a gallon, highest level since 2008
Financial Associated Press (Shanghai, edited by Huang Junzhi),As worries about crude oil supply caused by the situation in Russia and Ukraine continue to intensify, consumers are also “deeply aware” at the gas station. On Sunday (6th) local time, the price of gasoline in the United States soared to the highest level since 2008.
U.S. gasoline prices averaged $4.009 a gallon on Sunday, the highest level (not adjusted for inflation) since July 2008, when U.S. crude futures surged to a record $147.27 a barrel, according to the American Automobile Association (AAA). record level.
Recently, oil prices have been rising rapidly. Consumers paid 40 cents more than a week ago and 57 cents more than a month ago.
According to the AAA, the most expensive natural gas in the U.S. is in California at $5.288 a gallon, followed by Hawaii ($4.695), Nevada ($4.526) and Oregon ($4.466).
The average price of gasoline in the U.S. surged nearly 41 cents a gallon, topping $4 for the first time in nearly 14 years, and just 10 cents shy of the all-time record of $4.103 a gallon, according to GasBuddy, an online platform for aggregating gasoline prices.
Oil prices surged ahead of the Russian-Ukrainian conflict. The base cost of oil accounts for more than 50% of the cost of gasoline in a consumer’s car, and U.S. oil is trading at the highest level since 2008.
AAA said in a release, “Increased demand for natural gas, coupled with a reduction in total supply, has led to higher prices, but rising oil prices continue to play a leading role in pushing prices higher. As crude oil prices continue to Climb, gasoline prices are likely to continue to rise.”
Russia is the world‘s leading producer and exporter of oil and gas, and in fact, crude oil markets were already tight long before the Russian-Ukrainian conflict. Average U.S. gasoline prices could rise to $4.35 a gallon in May, according to GasBuddy.Return to Sohu, see more
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