US Gasoline Prices Also Soar... Average Price Surpasses $5 Per Gallon for the First Time Ever

WSJ "Already Exceeding Expectations"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Gyumin] Gasoline prices in the United States have surpassed $5 per gallon (1 gallon = 3.785L) for the first time.

According to the Wall Street Journal (WSJ) on the 10th (local time), data from the oil price information company 'OPIS' showed that the average price of regular unleaded gasoline in the U.S. broke the $5 per gallon mark that night.

Since Russia's invasion of Ukraine, international oil prices have soared, causing U.S. gasoline prices to rise accordingly. As the world emerged from the COVID-19 pandemic and crude oil demand increased, major Western countries imposed oil embargoes on Russia, one of the largest oil producers, leading to a surge in fuel prices.

In response, the U.S. investment bank JP Morgan projected in a report last month that retail gasoline prices in the U.S. would reach $6.20 per gallon in August. However, WSJ reported that prices have already exceeded this forecast, with California recording gasoline prices as high as $6.43 per gallon on the day.

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