Sat 11-06-2022 23:23 PM
Washington, June 11, 2022 (WAM) U.S. gasoline prices exceed $ 5 per gallon for the first time on Saturday, AAA data are expanding fuel cost surges that are causing rising inflation I showed that.
The national average price of regular unleaded gasoline rose to $ 5.004 per gallon on June 11, up from $ 4.986 the day before. AAA data was presented and carried by Reuters.
However, US road trips have been relatively strong, just a few percent below pre-pandemic levels, despite rising prices.
Adjusted for inflation, US petrol averages are about 8% below June 2008’s high of about $ 5.41 per gallon, according to US Department of Energy statistics.
Private consumption has hitherto been at its highest level in more than 40 years, especially due to the tight employment market where wages for low-income workers have risen sharply, with household balance sheets supported by pandemic relief programs. However, it maintains its resilience.
WAM / Hatem Mohamed