The price of gasoline in the US continuously broke the record since the beginning of spring. This figure is provided by the American Automobile Association (AAA) - an organization specializing in determining the average fuel cost nationwide - provided. Last week, the United States recorded the first average petrol price exceeding 4 USD/gallon in all 50 states.
AAA said the main reason was rising crude oil prices.
Oil prices - an important component of gasoline - are rising, causing gasoline prices to increase for consumers, said Andrew Grosss, a spokesperson for AAA.
In California, the highest gasoline price is 6.07 USD/gallon, equivalent to 1.60 USD/liter. Meanwhile, the states with the cheapest gasoline prices are Oklahoma, Kansas and Arkansas, around $4/gallon.
US gasoline prices are said to show no signs of slowing down ahead of the approaching summer drivers' season, according to CNBC.
Some petroleum experts predict that gasoline prices will increase to 5 USD/gallon or more. JPMorgan Bank analysts even predict that the average national gasoline price will reach 6.20 USD/gallon in August.
The average gasoline price in the US is currently nearly double the time in the last month of former President Donald Trump's term, when it was 2.41 USD/gallon. This is also the highest price since President Joe Biden took office. At this time last year, gasoline prices were only at 3.04 USD/gallon.
US fuel prices have been rising rapidly since March 8, when Mr. Biden announced a ban on oil imports from Russia related to the Ukraine war. Since the beginning of April, gasoline prices have begun to decline slightly, as Washington's strategic gas reserves have begun to be put on the market.
However, with US gasoline reserves at their lowest seasonal level since 2019, JPMorgan said the situation could get worse in the coming months. The bank admits it will be difficult to meet consumers' fuel consumption needs during this summer's driving season, when millions of American families travel and relax.
