US oil prices soar to highest level in 7 years causing concern among consumers

WASHINGTON D.C, US - OCTOBER 6: US gasoline prices soared to their highest level in seven years, according to figures released Wednesday by the American Automobile Association (AAA). The national average stood at $3.221 per gallon for regular gasoline -- its highest since October 2014. That marked a 47.6% increase from a year ago when it was $2.182. The highest gasoline price was recorded in the state of California where it stood at $4.422. Relative cheap rates were in the oil-rich state of Texas and Mississippi, located near the Gulf of Mexico that has offshore oil drilling sites, with $2.851 and $2.850 per gallon reported, respectively. Although crude oil prices plummeted during the initial months of the coronavirus pandemic, they recently climbed to their highest level in three years as normalization from the pandemic tremendously increased global oil demand, but supply has remained limited. The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed Monday they would not pump more oil despite rising demand. The group said it would implement a previously agreed production rise in November, sticking to the existing plan. In the US, where 286.9 million vehicles were registered last year, consumers have been adversely affected by the increase in gasoline prices. A driver who has been working in the automobile industry for 15 years and did not share his name said that he felt the high difference in gasoline prices and the situation was worrying. Stating that he uses high octane gasoline in his vehicle, the driver said that he paid $4.09 per gallon of gasoline yesterday, but this price was around 2.50 a year ago. The man also said the US should increase oil production in the country. “Our President is begging OPEC to produce more oil and the previous administration wasn’t begging anybody for anything,” he continued. (Footage by Yasin Ozturk /Anadolu Agency via Getty Images)
WASHINGTON D.C, US - OCTOBER 6: US gasoline prices soared to their highest level in seven years, according to figures released Wednesday by the American Automobile Association (AAA). The national average stood at $3.221 per gallon for regular gasoline -- its highest since October 2014. That marked a 47.6% increase from a year ago when it was $2.182. The highest gasoline price was recorded in the state of California where it stood at $4.422. Relative cheap rates were in the oil-rich state of Texas and Mississippi, located near the Gulf of Mexico that has offshore oil drilling sites, with $2.851 and $2.850 per gallon reported, respectively. Although crude oil prices plummeted during the initial months of the coronavirus pandemic, they recently climbed to their highest level in three years as normalization from the pandemic tremendously increased global oil demand, but supply has remained limited. The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed Monday they would not pump more oil despite rising demand. The group said it would implement a previously agreed production rise in November, sticking to the existing plan. In the US, where 286.9 million vehicles were registered last year, consumers have been adversely affected by the increase in gasoline prices. A driver who has been working in the automobile industry for 15 years and did not share his name said that he felt the high difference in gasoline prices and the situation was worrying. Stating that he uses high octane gasoline in his vehicle, the driver said that he paid $4.09 per gallon of gasoline yesterday, but this price was around 2.50 a year ago. The man also said the US should increase oil production in the country. “Our President is begging OPEC to produce more oil and the previous administration wasn’t begging anybody for anything,” he continued. (Footage by Yasin Ozturk /Anadolu Agency via Getty Images)
PURCHASE A LICENCE

Get personalised pricing by telling us when, where, and how you want to use this asset.

DETAILS

Restrictions:
NO SALES IN AZERBAIJAN, TURKEY, MIDDLE EAST AND THE BALKANS.
Editorial #:
1345309111
Collection:
Anadolu
Date created:
06 October, 2021
Upload date:
Licence type:
Rights-ready
Release info:
Not released. More information
Clip length:
00:03:48:06
Location:
United States
Mastered to:
MPEG-4 8-bit H.264 HD 1920x1080 25p
Source:
Anadolu Agency Video
Object name:
usoilpricessoartohighestlevelin7yearscausingconcernamongcons