Thursday, 26 May 2022
WorldGasoline price in the US breaks new record by reaching USD 4,418...

Gasoline price in the US breaks new record by reaching USD 4,418 per gallon

The price of gasoline in the United States broke a record increase again, this Thursday, May 12, after rising 0.3% compared to the price of two days ago, according to data compiled by the Anadolu Agency.

The national average stood at USD 4,418 a gallon of regular gasoline (3,785 liters), compared to USD 4,404 on Tuesday, according to figures from the American Automobile Association (AAA).

This is an increase of nearly 4% from $4,247 a week ago, 4.1% from $4,116 two weeks ago, and 47.4% from $3,008 a year ago.

The highest price was registered in the state of California, with USD 5,853 per gallon, followed by Hawaii and Nevada, with USD 5,306 and 5,124, respectively.

See also: Gasoline price in the US breaks new record by reaching USD 4,374 a gallon

Record gasoline prices add inflationary pressure to the US economy, where annual consumer prices rose 8.5% in March, their biggest increase in more than 40 years.

However, year-on-year inflation in April was recorded at 8.3%.

The US Federal Reserve (Fed) has raised interest rates twice so far, by 25 basis points on March 16 and another 50 basis points on May 4, in order to rein in soaring inflation.

However, crude prices are rising due to the war in Ukraine and creating supply concerns, while the European Union prepares to ban imports of Russian crude and OPEC+ countries gradually ramp up production, falling short of meet growing global demand.


*Translated by Daniel Gallego.

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