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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Fuel prices skyrocket in US, UK

  • By Al Mayadeen Net
  • Source: Agencies
  • 14 Jun 2022 16:32
4 Min Read

Fuel prices in the UK reach new highs and the US average price per gallon jumps to $5. 

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  • Fuel prices skyrocket in the US and the UK.
    Fuel prices skyrocket in the US and the UK.

The national average price for regular unleaded gas in the United States rose to $5.016 per gallon on Tuesday, according to data from the American Automobile Association (AAA), which tracks prices at more than 60,000 gas stations across the country.

Historically, the highest prices have been recorded in California, up to $6.44 per gallon, and the lowest in Georgia, at $4.49 per gallon.

The AAA stated that the rising prices are having no effect on demand during the traditionally busy summer driving season.

“Based on the demand we’re seeing, it seems high prices have not really deterred drivers,” said AAA spokesperson Andrew Gross. He added, however, that if prices remain at or above $5, “we may see people start to change their daily driving habits or lifestyle.”

Read next: American Automobile Association: US gas prices set new record of $4.67

Fuel demand increased to 9.2 million barrels per day last week, up from 8.98 million barrels per day the previous week, according to the US Energy Information Administration (EIA). Meanwhile, total domestic gasoline stocks fell by 800,000 barrels last week to 218.2 million barrels.

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“This dynamic between decreased supply and increased demand is contributing to rising prices at the pump,” AAA stated in a press release.

Another factor that has contributed to fuel price increases is the rise in global oil prices, which has been fueled by rebounding post-pandemic demand and sanctions imposed on Russia, one of the world's largest crude producers and exporters.

UK fuel prices hit new high 

The average price of diesel has reached a new high of 190.92 pence per liter, while gasoline has risen to 185.04 pence.

According to RAC calculations, a 55-liter family car with diesel now costs £105.01 ($128.14), while a full tank of gasoline costs £101.77 ($124.19).

“The speed and scale of the increase is staggering… Incredibly, the government is now raking around £46 ($56) in tax from every full tank,” RAC fuel spokesman Simon Williams said in a statement cited by Bloomberg.

The rise in fuel prices is due to the rising global price of oil, as well as the United Kingdom's plans to reduce its reliance on Russia, one of the world's largest oil exporters.

Read next: EU and UK sanctions to exacerbate energy crisis

The UK is not alone in experiencing rising fuel prices, with the US and the EU also grappling with rising gas prices since Moscow launched its military operation in Ukraine in late February. A slew of sanctions against Russian energy has exacerbated supply concerns.

UK motoring groups have urged the government to take more decisive action to assist drivers in dealing with the price increase. The government already reduced fuel duty by 5 pence per liter in March, but motorists deemed the reduction insufficient. According to the RAC, a further reduction in fuel tax is long overdue but would still be "very welcome."

Following Business Secretary Kwasi Kwarteng's request for the watchdog to investigate whether the 5 pence duty cut is being passed on to drivers quickly enough, the UK's Competition and Markets Authority (CMA) announced on Monday that it would conduct a "short and focused review" of the fuel market.

Read next: UK unlikely to have enough shale gas to mitigate rising fuel prices

  • Fuel prices
  • Energy crisis
  • United States
  • United Kingdom

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