The new $ 5 milestone, reported by the AAA Motor Club, means that gasoline prices in the US have risen by more than two-thirds in the past year and have more than doubled since Joe Biden took office. Rising energy prices have fueled a significant part of the continuing rise in inflation, which accelerated once again in May and is now running at the fastest annual rate since December 1981. The latest consumer price index, released on Friday, showed prices increased by 1 percent last month alone, or 8.6 percent compared to the same period last year.

The government has repeatedly sought to blame Russian President Vladimir Putin, citing the country’s invasion of Ukraine as the main reason for the sharp rise in crude oil prices, which in turn have pushed up fuel costs. The international Brent oil index has risen to more than $ 120 a barrel since Moscow ordered troops in Ukraine – from near $ 10 a barrel during the pandemic two years ago. In recent months, the White House has announced the release of record volumes of oil from a federal emergency stockpile to ease supply shortages and also called on Saudi Arabia and other OPEC + countries to significantly increase supply. The White House has also blamed US oil companies for their reluctance to drill. Speaking in Los Angeles on Friday, the president targeted ExxonMobil, the largest U.S. oil company, saying he “made more money than God this year.” U.S. oil executives say the demand for Wall Street investors to spend an unexpected profit on high oil prices in dividends rather than new production has kept spending on new supplies low. Biden and other top officials, including Finance Minister Janet Yellen, have repeatedly said tackling high inflation is the government’s “number one priority,” a message they have received as lower-than-expected ratings have fallen. . Republican lawmakers seized the opportunity to pinch Yellen this week in congressional hearings, forcing her to defend the Biden administration against allegations that it has fueled price pressures through its spending. Biden also encouraged the Federal Reserve to do whatever it takes to deal with high inflation, stressing its independence as it raises interest rates. The US Federal Reserve raised its key interest rate by 0.75 percentage points in March and plans to raise interest rates by half a percentage point next week, after delivering the first since 2000 in May. A series of such increases are now expected by the second half of 2022, as the Fed aims to “rapidly” shift its monetary policy to a “neutral” environment that no longer stimulates demand. At $ 5 a gallon, US gasoline prices – equivalent to 7 1.07 or 26 1.26 per liter – remain much lower than retail prices across the Atlantic. Gasoline in the UK in recent days was selling at an average of 1.83 pounds per liter, according to the RAC.