Business

Price of gasoline in United States hit a new record

Written by The Frontier Post

WASHINGTON DC (RIA Novosti): The average price per gallon (3.785 liters) of gasoline in the US hit another high of $4.483, with some states asking for about $6 for fuel, analysts say.
According to the Amer-ican Automobile Associati-on on its website, the average price of gasoline in the US has risen by another 3 cents since Friday, and for the year the rise in price was almost $1.5. For a unit of diesel fuel, on average, the country will have to pay 5.56 dollars – for the year the rise in price was more than 2 dollars.
In California , a gallon of gasoline is $5.983, and the same amount of diesel is $6.548. Social media users are posting photos of gas stations where prices are as high as $10 a gallon of high-octane fuel.
The price of gasoline has been declining somewhat since the beginning of April, when the release of oil from the strategic reserve began, but in the first days of May it again turned to growth.
On March 8, President Biden announced a ban on the import of Russian energy products, gasoline prices rose to records. The head of the American administrat-ion connects the rise in pr-ices with the events around Ukraine , this position is criticized by Trump, who points out that the price began to rise long before what was happening.
The historical maximum of $4.33 per gallon on average in the US was paid on March 11th. At the end of March, the president anno-unced that the US would release oil from the strategic reserve: 1 million barrels daily for six months. When Biden took office, gas was about $2.50, in January 2022 it was about $3.3.
Gas prices in Europe lost 4.5%: Gas prices in Europe closed trading on Monday with a 4.5% decline, falling to almost $995 per thousand cubic meters, according to data from the London-based ICE exchange.
June gas futures, based on the index of the largest European hub TTF, opened the trading session from Friday’s settlement price of $1,041.8 per thousand cubic meters. The price showed some volatility during the day, ranging from $987 to $1,043. The closing price was $994.6 (-4.5%).
A noticeable increase in gas quotations was obser-ved on May 10 after the Ukrainian GTS Operator reported that gas transit to Europe through the Sokhra-nivka station would be terminated the next morning. Prices also rose on May 12: the news that Gazprom was now prohibited from using the Polish section of the Yamal-Europe pipeline.

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The Frontier Post