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Gas prices in the United States reached $ 5 per gallon




HOUSTON – Gasoline prices reached a dismal milestone on Saturday, when the national average for regular gasoline reached $ 5 per gallon.

Summer gasoline is almost always more expensive because the demand for fuel is waning around the Memorial Day weekend. But this year, oil and refined fuel prices have risen to their highest level in 14 years, mainly due to the Russian invasion of Ukraine and subsequent sanctions, and a recovery in energy consumption as the economy recovers from the coronavirus pandemic.

The national average price of gasoline on Saturday was $ 5.00, up 60 cents from a month ago. A year ago, gas was sold for $ 3.08, according to the AAA Motor Club. The national average has been at its highest since March, when it exceeded its previous record set in July 2008, when oil traded at more than $ 1[ads1]33 a barrel. It was more than ten dollars above today’s level without even taking inflation into account. At the time, the national average gasoline price was $ 4.11, or about $ 5.37 per gallon in today’s dollars.

The average price is over $ 4 per gallon in all states. In California, long one of the most expensive states in the country for fuel, the price exceeds $ 6 per gallon. States with the largest increases in gasoline prices recently include Michigan, Delaware, Maryland and Colorado.

Energy experts estimate that every penny increase in the price of gasoline costs Americans $ 4 million extra a day.

“Stop for a sizzling summer trip,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service. “The average consumer is going to pay $ 450 a month for fuel needs, and that can be compared to just under $ 100 by 2020 during the pandemic.”

The war in Ukraine has had the most direct effect on gas prices, as sanctions against Russia have pulled more than a million barrels of oil out of global markets. Energy traders have also offered oil prices in anticipation of Russian production and exports falling further.

But many other factors have contributed to the rise in prices.

There is not enough capacity to refine oil for petrol, diesel and jet fuel. Oil companies have closed a handful of refineries in recent years, especially during the pandemic when demand fell. A few new refineries will open or expand over the next year, which may help.

But for now, analysts say strong demand for gasoline is pushing limited supplies and pushing prices higher as drivers drive on the road after several waves of new Covid-19 variants kept them close to home. The easing of the strict pandemic barriers in China has also pushed up oil prices.

The high gas prices – along with the rising costs of other necessities such as food and shelter – are a major problem for President Biden. Many political experts believe that Democrats may suffer losses in the November election because voters are angry and frustrated with high inflation. A report on Friday showed that consumer prices accelerated again in May, rising 8.6 percent from the previous year, the fastest pace in more than 40 years.

Last week, as gas prices approached the $ 5 threshold, Biden administration officials said the president would travel to Saudi Arabia, one of the world’s largest oil producers, in an apparent attempt to restore diplomatic relations and, crucially, to seek help with lowering energy prices. He also encourages domestic producers to pump more oil, although large oil companies are reluctant to increase investment significantly, preferring to return profits to investors through dividends and share repurchases.

In the past, when oil companies produced more oil in response to high prices, they caused an abundance and undercut their profits.

Mr. Biden has little influence on gas prices, which are governed by global supply and demand. Experts say that even Saudi Arabia is not in a position to quickly bring down prices because the country does not have the ability to fully compensate for the expected decline in Russian production. Last month, the European Union agreed to ban most Russian oil by the end of the year.

In March, when Mr Biden announced that the United States was banning Russian oil and natural gas, he warned Americans that “defending freedom will come at a cost.” There is some evidence that high prices are beginning to affect demand. Travel experts say that some people choose to drive shorter distances on holiday.

Eventually, the high prices at the pump will probably encourage motorists to switch to electric cars, but the purchase of such cars is expected to reduce demand in the coming years, not the months.

“It takes a while for price increases to affect demand,” said Donald Hertzmark, president of DMP Resources, a Washington-based energy consulting firm. “Consumers must believe that price increases are real and permanent, and there must be a certain period of adjustment to substitution, preservation and destruction of demand.”

Clifford Krauss reported from Houston and Marie Solis reported from New York.



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