a minute agoOil Price Reaches Records in Several US States
Periskopi(2 months ago)
(2 months ago)The price of oil has reached record levels in several US states, marking an unprecedented increase in the energy market.
According to the AAA, on Wednesday it was reported that the average price of oil has reached the highest historical levels in four Midwest states: Wisconsin, Michigan, Illinois and Indiana.
The latest growth is linked to a combination of factors, including high crude oil prices, disruptions in several refinerys, and the fact that refinerys are giving priority to fuel production instead of oil and gasoline.
Oil is a key component of the American economy, as it is used for tractors, trucks, buses, trains, and ships. For this reason, price hikes can directly affect the rising cost of transportation and food, raising prices for consumers.
At the national level, the average price of an oil gallons has reached $5.66 -- an increase of about 60% compared to last year. This level is approaching the historic record of $5.82 registered in June 2022.
Growth is even more pronounced in some countries: Indiana: +72% of $6.13 per Gallon, Illinois: +74% of $6.13 per Gallon, Michigan: +77% at $6.13 per Gallon, Wisconsin: +82% at $5.87 per gallons, writes CNN.
