US Gasoline Consumer Prices Reach Highest Level in 7 Years

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Due to the rise in international oil prices, gasoline consumer prices in the United States have reached their highest level in seven years.

On the 6th (local time), according to a report by CNBC citing the American Automobile Association (AAA), the average gasoline consumer price in the U.S. was $3.22 per gallon (approximately 1,020 KRW per liter), the highest since October 2014.

The average gasoline price in California reached $4.42 per gallon, and in Mono County, California, it exceeded $5 per gallon.

Experts diagnosed that the continued rise in international oil prices is driving up gasoline prices, and the disruption of oil production in the Gulf of Mexico due to Hurricane Ida also fueled the upward trend in gasoline prices.

The price of West Texas Intermediate (WTI) crude oil, which was around $40 per barrel a year ago, temporarily surpassed $79 per barrel for the first time since November 2014 on that day.

However, WTI prices closed at $77.43 per barrel, down 1.5% from the previous day, due to news of an increase in U.S. crude oil inventories, marking a decline after five consecutive trading days.

Meanwhile, Jennifer Granholm, U.S. Secretary of Energy, stated that the release of the Strategic Petroleum Reserve (SPR) is being considered as one of the measures to curb the rise in gasoline prices.

Fox Business reported that she also indicated that measures such as banning crude oil exports could be considered to ease concerns about crude oil supply instability.

This content was produced with the assistance of AI translation services.