echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > Petrochemical News > U.S. gasoline prices continue to climb, approaching the $5 per gallon mark

    U.S. gasoline prices continue to climb, approaching the $5 per gallon mark

    • Last Update: 2023-02-18
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    According to data released by the American Automobile Association on June 9, the average price of regular gasoline in the United States rose about 26 cents month-on-month to $4.
    97 per gallon that day, an increase of nearly $2 year-on-year, approaching the $5 per gallon mark
    .

    The American Automobile Association believes that as the U.
    S.
    economy recovers from the recession caused by the pandemic, consumers' pent-up demand for travel has been unleashed, including a surge
    in road and air travel.
    At the same time, more people are returning to work and commuting demand is surging, leading to a consequent
    increase in gasoline prices.

    At the same time, jet fuel prices are soaring
    .
    U.
    S.
    airlines are making up for the additional costs
    of higher oil prices by raising prices such as fuel surcharges.
    According to the U.
    S.
    Department of Labor's consumer price index, U.
    S.
    airline fares rose 18.
    6% month-on-month and 33.
    3%
    year-on-year from March to April.

    United Airlines CEO Kurt Kirby noted in a previous interview that the driver of higher ticket prices is "almost exclusively jet fuel prices.
    "
    He noted that fuel costs have almost doubled
    compared to the same period in 2019.

    Analysts believe that record high oil prices may dampen some fuel demand
    .
    Lucas Davis, an economist at the University of California, Berkeley, said that in the short term, every 10 percent increase in gasoline prices will lead to a 2 to 3 percent
    drop in gasoline consumption.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.