Average $4.173 per gallon… International oil prices rise sharply ahead of Biden sanctions announcement
[AFP/게티이미지=연합뉴스]
(New York = Yonhap News) Correspondent Kang Geon-taek = U.S. gasoline consumer prices have hit an all-time high as the U.S. administration announced a ban on imports of Russian crude oil.
According to the American Automobile Association (AAA) on the 7th (local time), the average price of gasoline nationwide was $4.173 per gallon this morning.
The previous record was $4.114 per gallon in July 2008, during the global financial crisis, CNBC reported.
With the exception of the central area, the average exceeded $4 per gallon in most regions, while California averaged $5.444 per gallon, well above the $5 level.
The average gasoline price in the US is on a steep upward curve, rising by $0.55 from a week ago and by $0.72 from a month ago, respectively.
It is analyzed that the Russian invasion of Ukraine, which has erupted amid the worst inflation in 40 years in the aftermath of the novel coronavirus infection (COVID-19), has raised oil prices even higher.
In particular, the upward pressure on oil prices appears to have increased as it was reported that President Biden would announce measures such as a ban on imports of Russian crude oil on the same day.
International oil prices, which briefly broke the $130/barrel level on the night of the 6th and showed signs of calm the day before, are also increasing on the news announcing US sanctions.
As of 9:11 a.m. on the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) for April delivery rose 4.1% ($4.89) to $124.29 per barrel from the previous day, and Brent for May at London’s ICE Futures Exchange was 5.0 per barrel. They are trading at $129.33 each, up % ($6.12).
“Given Russia’s key role in the global energy supply chain, sooner or later the global economy could face one of the largest energy supply shocks of all time,” Goldman Sachs warned in an investor note on the previous day.
According to Archyde.com, Russia is the world’s largest oil exporter, exporting 4 to 5 million barrels of crude oil and 2 to 3 million barrels of refined oil products per day.
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