Today, Tuesday, retail gasoline prices in the United States set a new record, amid expectations of a rise in the coming months, against the backdrop of the military operation in Ukraine.
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The average retail price per gallon was $4,374 early Tuesday
Today, Tuesday, the retail price of gasoline in the United States set a new record, surpassing the record set last March.
The American Automobile Association said the average retail price per gallon was $4,374 early Tuesday, beating the previous record of $4,331.
At the beginning of last April, fuel prices fell in the United States, after US President Joe Biden announced the withdrawal of quantities of oil from the strategic reserve, but analysts have now indicated that prices have risen again.
The Biden administration linked the rise in fuel prices in the United States to the events in Ukraine, while former President Donald Trump criticized this, stressing that fuel prices began to rise much earlier.
And fuel prices in the United States hit a record high after March 8, when Biden announced a ban on the import of Russian energy resources.
Since March 30, Brent crude futures have lost 7%, but gasoline futures are up 9.4%, setting a record on Friday, hitting $3.7590 a gallon before selling on Monday.
Refinery closures due to pre-scheduled maintenance and unrest have pushed up fuel prices, although the United States and other countries have taken steps to boost crude supplies around the world.
The world has lost 1 million barrels of refining capacity and 1.5 million barrels of oil supplies since the pandemic, according to estimates provided by Mike Jennings, CEO of Sinkiller Corp., on Monday.
“That’s 2.5 percent of global consumption,” Jennings said. “It’s a big number.”