US gasoline prices soar to highest level in 7 years

By Ovunc Kutlu

ANKARA (AA) - 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.