The American Automobile Association (AAA) reported Saturday that the average price of a gallon of gasoline in the United States has exceeded $5 for the first time in history. Prices have been rising almost continuously for more than a month.
President Biden banned the import of Russian oil
Regarding the Russian invasion of Ukraine, US President Joe Biden on Tuesday announced further sanctions. By increasing the pressure campaign on Moscow, he introduced…
According to CNN, Saturday is the 15th consecutive day that the average price of a gallon (3.78 liters) of fuel has broken all records. According to the Bureau of Labor Statistics (BLS), the gasoline price index has risen nearly 50% in the past 12 months, and is one of the leading indicators. Factors affecting the highest inflation rate in more than 40 years.
On Friday, Treasury Chief Janet Yellen acknowledged that a reduction in fuel prices in the near future is unlikely.
See also: The largest American intervention in the fuel market in history
Meanwhile, investment bank Goldman Sachs expects further gains, forecasting that the price of a barrel of Brent crude oil will reach $140 this summer, versus the current price of $121.
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