Washington-Sana
Gasoline prices rose in the United States today to set a new record, exceeding the record set last March, as global refineries face a crisis that led to a price hike before the summer season, as car travel increases.
The average retail price per gallon reached $4.3774 early today, surpassing the previous record of $4.331, Reuters quoted the American Automobile Association as saying.
Since the 30th of March, Brent crude futures have lost 7 percent, but gasoline futures have risen by 9.4 percent, hitting a record on Friday, reaching $3.7590 per gallon before selling yesterday.
Refinery shutdowns due to pre-scheduled maintenance and unrest around the world have pushed up fuel prices even as the United States and other countries take steps to boost crude supplies around the world.
Global fuel stocks are dwindling as demand recovers to pre-pandemic levels and supplies tighten further in the wake of the war in Ukraine and subsequent Western sanctions on Russia.
The world has lost one million barrels of refining capacity and 1.5 million barrels of oil supplies since the pandemic, according to estimates provided by Mike Jennings, CEO of Sinkiller Corp.
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