Gasoline price in the US reaches 5 dollars per gallon

The price of a gallon of Gasoline (3.78 liters) in the United States reached five dollars this Saturday, a record never reached before and that occurs when the country is experiencing the highest inflation in forty years.

As published this Saturday by the federation of automobile associations AAA, the average price of a gallon of fuel at gas stations in the country stood at $5,004 this Saturday, something that had never happened before.

AAA analysts also expect the price of the Gasoline keep climbing during the summer months.

A year ago, in June 2021, the average price of a gallon of Gasoline (the measure used by gas stations in the US, instead of the liter) was located at 3.07 dollars, that is, practically two dollars below the current price.

In 20 of the 50 US states, prices are above five dollars a gallon, especially on the west coast of the country.

Yesterday it became known that inflation in the United States shot up in May to its highest rate in the last 40 years, 8.6 percent, a new escalation in consumer prices that was driven above all by the sharp increase in energy prices.

The monthly increase in consumer prices between March and April was one percent.

The data published on Friday by the US Bureau of Labor Statistics. It was higher than what analysts expected and ended the truce of April, when the rate registered its first drop in seven months.

The new escalation makes the already foreseeable new rise of half a point in interest rates by the Federal Reserve (Fed), which meets next week, more likely.

The historic rise in consumer prices is driven above all by rising energy prices and also, although to a lesser extent, by rising housing and food prices.

energy prices (Gasolinecrude oil, electricity and gas) increased by 34.6 percent in the last twelve months, pushed by the price of crude oil, which rose by 106.7 percent, the largest annual increase recorded by this statistic since it began to be compiled in 1935.

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