Home Business US gas prices jump to new high, no long-term relief observed (NYSEARCA:...

US gas prices jump to new high, no long-term relief observed (NYSEARCA: USO)

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The cost of gasoline in the US broke another record On Tuesday, when the national average rose by $ 0.17 per gallon from last week to $ 4.37 a gallon, according to AAAexceeding the previous historical high set on March 8.

Oil prices are rising again (up to this week), and “since the price of oil is more than half the price of a pump, more expensive oil means more expensive gasoline,” the AAA said.

Several states have also broken records, including New York, Michigan and New Mexico, while the price in California remains the highest in the US – $ 5.84 per gallon, but slightly below the high of $ 5.92, set at 29 March, reports AAA.

ETFs: (NYSEARCA:USO),XLE),XOP),VDE),OIH),NYSEARCA:UGA)

The EU’s discussion of the refusal to buy Russian oil has caused additional blows to the already tense oil market, said Patrick De Haan of GasBuddy. Wall Street Journal. “The more countries follow the United States in banning Russian oil, the greater the imbalance between supply and demand and higher prices.”

It is too early to say how long oil prices will remain high, De Haan said, but “as long as the Russian situation is within our competence, we can see short-term relief, but not long-term.”

It is possible that part of this short-term relief will come soon, as crude oil prices fell by almost 10% two days before fall below $ 100 a barrel for the first time since late April.

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