In the US, the price of 1 gallon of gasoline has risen above $4 for the first time since August 2022.
Modern.az reports that this information is stated in the data from the American Automobile Association.
It is reported that the retail price of 1 gallon of gasoline across the country has risen to $4.02. Since the beginning of the conflict in the Middle East, gasoline prices in the US have increased by more than $1. One day before the attacks by the US and Israel on Iran, the price of 1 gallon of gasoline in the United States was $2.98.
According to experts, a $1 increase in gasoline prices in the US, even when other economic impacts are considered, lowers the consumer confidence index by 4.5 points or more. Furthermore, with a $1 increase in prices, people's outlook on the economy worsens by approximately 5 percent.
It should be noted that the price of a barrel of US crude oil has increased by more than $100 for the first time since 2022. Additionally, the US oil benchmark index rose by more than 50 percent in March, recording its largest increase since May 2020. This increase is more pronounced in consumer goods such as gasoline and diesel fuel. For instance, the price of 1 gallon of diesel has risen above $5.4, which has created a serious problem for the overall economy.
