{"id":46378,"date":"2022-06-11T16:46:41","date_gmt":"2022-06-11T16:46:41","guid":{"rendered":"https:\/\/harchi90.com\/us-gasoline-average-price-tops-5-per-gallon-in-historic-first\/"},"modified":"2022-06-11T16:46:41","modified_gmt":"2022-06-11T16:46:41","slug":"us-gasoline-average-price-tops-5-per-gallon-in-historic-first","status":"publish","type":"post","link":"https:\/\/harchi90.com\/us-gasoline-average-price-tops-5-per-gallon-in-historic-first\/","title":{"rendered":"US gasoline average price tops $ 5 per gallon in historic first"},"content":{"rendered":"<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">June 11 (Reuters) &#8211; The price of US gasoline averaged more than $ 5 a gallon for the first time on Saturday, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The national average price for regular unleaded gas rose to $ 5.004 a gallon on June 11 from $ 4.986 a day earlier, AAA data showed.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">High gasoline prices are a headache for President Joe Biden and congressional Democrats as they struggle to maintain their slim control of Congress with midterm elections coming up in November.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Biden has pulled on numerous levers to try to lower prices, including a record release of barrels from US strategic reserves, waivers on rules for producing summer gasoline, and leaning on major OPEC countries to boost output.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Yet fuel prices have been surging around the world due to a combination of rebounding demand, sanctions on oil producer Russia after its invasion of Ukraine and a squeeze on refining capacity.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">DEMAND DESTRUCTION US road travel, however, has remained relatively strong, just a couple of percentage points below pre-pandemic levels, even as prices have risen.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Still, economists expect demand may start to decline if prices remain above $ 5 a barrel for a sustained period.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;The $ 5 level is where we could see very heavy amounts of gasoline demand destruction,&#8221; said Reid L&#8217;Anson, senior economist at Kpler.<\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Adjusting for inflation, the US gasoline average is still approximately 8% below June 2008 highs around $ 5.41 a gallon, according to US Energy Department figures.<\/p>\n<div class=\"article-body__element__2p5pI\" data-testid=\"gallery-0\" domain=\"https:\/\/www.reuters.com\" article_url=\"\/business\/energy\/us-gasoline-average-pump-price-tops-5gallon-historic-first-2022-06-11\/\">\n<div class=\"inline-gallery__detail__3ZG21\">\n<div class=\"caption__container__1o2DX inline-gallery__caption__1BuRa\">\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__white__3r45t text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY caption__text__GE-bd caption__collapsed__XIFyB\">People drive along the Governor Alfred E. Driscoll Bridge at the start of the Memorial Day weekend, under rising gas prices and record inflation, in Keasbey, New Jersey, US, May 27, 2022. REUTERS \/ Eduardo Munoz \/ File Photo<\/p>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__ghost__1gV9w button__round__1nYLA text-button__container__3q3zX caption__readmore__V8B-O caption__collapsed__XIFyB\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Read More<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<figure class=\"article-body__element__2p5pI\" data-testid=\"graphic-0\">\n<div class=\"reuters-graphic__image-container__Pqe8z\">\n<div data-testid=\"StatefulImage\" class=\"stateful-image__container__hH_Q_ stateful-image__light__2XHJA\">\n<div data-testid=\"Image\" class=\"stateful-image__image__ThpeM\"><noscript><\/noscript><\/div>\n<\/div>\n<\/div><figcaption data-testid=\"Body\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY reuters-graphic__figcaption__2fuWM\">Reuters Graphics<\/figcaption><\/figure>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Consumer spending has so far remained resilient even with inflation running at its highest level in more than four decades, with household balance sheets shored up by pandemic relief programs and a tight job market that has fueled strong wage gains, especially for lower-income workers.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Gasoline product supplied, a proxy for demand, was 9.2 million barrels per day last week, according to the US Energy Information Administration, broadly in line with five-year seasonal averages.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The high prices for drivers come as major oil-and-gas companies post bumper profits.  Shell reported a record quarter in May and Chevron Corp and BP have posted their best numbers in a decade.  read more <\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Other majors, including Exxon Mobil and TotalEnergies, as well as US independent shale operators, reported strong figures that have spurred share repurchases and dividend investments.  read more <\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Numerous companies have said they will avoid excessive investment to boost output due to investors&#8217; desires to hold the line on spending, rather than respond to $ 100-plus barrel prices that have persisted for months.  read more <\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Refiners have been struggling to rebuild inventories which have dwindled, especially on the US East Coast, reflecting exports to Europe where buyers are weaning themselves off of Russian oil.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Currently, refiners are utilizing about 94% of their capacity, but overall US refining capacity has fallen, with at least five oil-processing plants shutting during the pandemic.<\/p>\n<p data-testid=\"paragraph-16\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">That has left the United States structurally short of refining capacity for the first time in decades, analysts said.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Laura Sanicola and Shivani Tanna;  editing by David Clarke and Jason Neely<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>June 11 (Reuters) &#8211; The price of US gasoline averaged more than $ 5 a gallon for the first time on Saturday, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation. The national average price for regular unleaded gas rose to $ 5.004 a gallon on June 11 &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/us-gasoline-average-price-tops-5-per-gallon-in-historic-first\/\"> <span class=\"screen-reader-text\">US gasoline average price tops $ 5 per gallon in historic first<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[8320,56,429,25,26,552,28,11724,20367,543,508,2300,2301,32,3104,33,58,1009,3264,20368,930,931,932,510,258,41,933,2535,76,735,64,44,45,2307,8323,8324,1817,2536,87,511,9683,2309,2310,1357,1820,57,20369,2279,53],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/Ai2HVXKvun-hcJZBSEni6HZZT90=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/S7LHUTARPJIFBNYYJA6E5LDFOI.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/46378"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=46378"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/46378\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=46378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=46378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=46378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}