Source: Zhitong Finance and Economics
The average price of gasoline in the United States has exceeded $4 a gallon for the first time since 2008, a clear sign of energy inflation. Refiners, traders and oil majors have shunned Russia, the world's second-largest crude oil exporter, for fear that they might inadvertently violate some sanctions, sending gasoline prices soaring as oil prices recorded their biggest weekly rise in history.
Patrick DeHaan, head of oil analysis at GasBuddy LLC, says oil prices have risen 41 cents in the past week, just 10 cents short of the record of $4.103. DeHaan said gasoline prices could hit record highs in the next few days and could rise above $4.25 a gallon before Memorial Day in the US.
It is reported that since the conflict broke out in Russia and Ukraine, energy inflation has hurt the interests of consumers. Higher fuel costs could add 1.3 to 1.5 percent to the full-year inflation figure, Inflation Insights LLC said.
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