Petrol Price Hit $5 in US for First Time

On Saturday, the national average price of gasoline in the United States surpassed $5 per gallon for the first time.

According to AAA data, the rise in fuel prices that is driving growing inflation is continuing.

High fuel prices are a source of frustration for President Joe Biden and congressional Democrats, who are fighting to keep their tiny majority in Congress.

Biden has used a variety of tools to try to bring down prices, including releasing a record amount of barrels from US strategic reserves, waiving limits for manufacturing summer gasoline

The rise in gasoline costs can be attributed to a number of factors.

In the weeks leading up to Memorial Day, Americans tend to drive more, therefore demand is higher.

Global oil prices are rising, exacerbated by sanctions imposed on Russia, a major oil supplier, as a result of its conflict with Ukraine.

In addition, some refineries in the United States shut down during the pandemic, limiting refining capacity.

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