The U.S. daily Wall Street Journal (WSJ) reported on the 10th (local time) that the price of gasoline in the U.S. crossed the $5 level per gallon (3.78L) for the first time.
According to data compiled by OPIS, an oil price information company, the average price of unleaded gasoline in the United States broke the $5/gallon level overnight.
Since Russia invaded Ukraine in February of this year, international oil prices have soared, and US gasoline prices have also risen.
Oil prices are skyrocketing as major Western countries embargo on crude oil in Russia, one of the largest oil producing countries, in a situation where demand for crude oil has increased as a result of the recovery from the COVID-19 pandemic.
US investment bank JP Morgan predicted in a report last month that the retail price of gasoline in the US will reach $6.20 a gallon by August.
However, the WSJ reported that oil prices in some states in the US have already surpassed these forecasts, with oil prices reaching $6.43 per gallon in California on that day.
The rise in fuel prices is a factor that further pushes up the already high level of inflation.
The consumer price index (CPI) announced by the US Department of Labor for May jumped 8.6% compared to the same month last year, rising to the highest level in 40 years since December 1981, and the inflation problem seems to be getting worse.
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