The continuing rise in oil prices propels the cost of fuel at the pump.
The cost of gasoline at petrol stations across the United States hit a new all-time record on Friday, according to the American Automobile Association (AAA).
The average retail cost of a gallon of gas (3.785 liters) jumped to $4.432, the AAA, which tracks prices at more than 60,000 gas stations across the country, said.
The highest gasoline prices in the country have traditionally been found in the state of California, where motorists will have to pay an average of $5.872 per a gallon of fuel.
Gasoline prices in the US have been steadily rising throughout the week. The increase comes against the backdrop of rising global oil prices, with attempts by the White House to counter them failing.
The cost of global benchmark Brent crude futures rose to $109.97 per barrel around 13:45 GMT in Friday trading, gaining 2.35%. The US crude benchmark West Texas Intermediate (WTI) gained some 2.5%, climbing to $108.78 per barrel.
Global fuel stockpiles have been dwindling as demand recovered to pre-Covid-19 pandemic levels, while production has not yet been able to catch up. The Ukraine crisis, which prompted the US to place an embargo on Russian oil and sparked talk of similar measures in the EU and the UK, have also been adding the proverbial fuel to the fire. Russia is the world’s third biggest oil producer and second biggest exporter.
Americans still pay lot less than what we pay because of the taxes. After stopping our own refining, we will end up in paying a premium as well. Bitumen for roads must also be imported as result. So more excise duty on petrol and diesel to cover this extra in the years to come. Our food prices are way too high too. Let me not talk about the cost of housing and renting. We can only afford to drive used jap imports mostly, often many of them are banned in Australia; too old or gas guzzling. Insurance right offs due to flood in Australia has a ready market in our hermit kingdom. Jabcinda is determined to make the team of 5 million, less the 1-2 percent rich, to live in an almost third world society/economy. MSM will say “You are living in the best country in the world” and all polsters will cook up data to improve the rankings. Liars.
All their own doing. See how they complain and still cheap compared to what others pay.