Ukraine war and oil company price gouging among factors contributing to surge as president mulls Riyadh rapprochement
US gasoline prices, a key driver of the highest inflation seen in the US in 40 years, hit a record $5 a gallon on Saturday. There was little to suggest they would drop anytime soon but, also on Saturday, Joe Biden said he had “not yet” decided if he will travel to Saudi Arabia, a week after opening the door to a possible trip.Any such visit would be aimed at bolstering relations with the country at a time when Biden is trying to find ways to lower gasoline prices.
On Saturday, the nationwide average for a gallon ticked just above $5, a record, according to auto club AAA. The average price jumped 18 cents in a week and was $1.92 higher than this time last year. State averages ranged from $6.43 in California to $4.52 in Mississippi. Tighter oil and gasoline supplies are hitting as energy consumption rises with the economic recovery. Also, Americans typically drive more starting around Memorial Day, at the end of May, adding to demand.
On Saturday, asked by a reporter later in Albuquerque, New Mexico, if he would make a trip to the Middle East, Biden said: “We’ll see.” Democrats and environmentalists say that would undercut efforts to limit climate change. Even if Biden ignored a big faction of his own party, it would be months or years before those measures could lead to more gasoline at US pumps.
Higher energy prices hit lower-income families hardest. The National Energy Assistance Directors Association estimates that the 20% of families with the lowest income could be spending 38% of their income on energy including gasoline this year, up from 27% in 2020.
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