Rising demand drives record high US fuel prices

Petrol has topped an average of $5 a gallon in the US for the first time, signalling the latest pain point for consumers and President Joe Biden’s efforts to curb inflation.

Record US prices at the pump have been a main cause of inflation that is running at the highest levels in 40 years. Biden accused ExxonMobil and other oil companies of exploiting high petrol prices after labour department data on Friday showed that consumer prices unexpectedly accelerated, rising 8.6% in the year to May.

“We’re going to make sure everyone knows Exxon’s profits. Exxon made more money than God last year,” he said during an event at the Port of Los Angeles.

Source: News Formal (newsformal.com)

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