Oil Prices Increased to About $150

With the rising inflation in the United States, the Oil Prices Increased too. This is the first time in the previous thirteen years that the oil prices have surged to around four dollars per gallon. Till now, it rose only in three of the total states like in the State of California and Hawaii, but it is expected that sooner or later, other states will be hit by a surge in prices too.

Oil Prices Increased in Different Cities

Oil Prices Increased in Nevada about 3.97 dollars per gallon till now, but it will cross over it soon, according to the American Automobile Association. Back in the year 2008, this was the case too when three States met with a surge in prices at the same time, making a record of about one hundred and forty-seven dollars per barrel. From then onwards till now, everything was quite normal without any hint of inflation and surging of prices too far high, but now it seems like new records will be made in oil prices inflation.

Devin Gladden, who is the spokesperson of the American Automobile Association, stated that an estimation could be made that about four dollar increase in oil prices would be seen in the State of Nevada, too, because the rise of prices is continuously being noticed.

The reason why these prices have grown so much is because of the high taxes that are imposed on the fuels in the State of California and others in the Western United States. In Nevada, the reason for an increase in oil prices is different from the others. The prices here are high because of the shortage of truck drivers for these oil tankers that are used to deliver oil everywhere. If this pattern of increase in oil prices continues, then it will be soon that the record of 2008 oil prices of around 4.11 dollars per gallon is broken, and a higher record is made this year or the next.

People are worried that living costs will increase day by day to a point where they longer will enjoy being able to live their life with ease. The continuous stress of meeting the costs of living will drive them to anxiety and stress.

The ongoing inflation with the surge of oil prices has put extreme pressure on the Joe Biden administration to take a step against it before late. They are being forced to either ban all exports of the United States or to use the strategic reserves of the United States in order to fight this hike in prices. According to President Joe Biden, the reason for the surge in United States’ inflation is the energy costs that are spiking. He says his aim is to reduce these energy costs through economic aids along with different other ideas, which he plans on implementing soon.

Also Read: An Increase in Inflation is Feared, Stocks Have Gained

Leave a Comment