MoneyNewsTop News

Prices for gasoline in the US rose to a maximum since 2014

UNITED STATES (OBSERVATORY) –┬áPrices for gasoline in the US during the summer holidays were the highest for the past four years. It is expected that the average seasonal fuel price will be about $3 per gallon (4.55 liters).

The American Automobile Association (AAA) said that consumers with lower incomes are more likely to change their driving habits, as prices at gas stations are rising.

The association noted that to the end of the summer season, prices are usually reduced, but they can stay at the maximum level since 2014.

Devin Gladden from AAA noted that consumers who are already trying to save money may face a shock for their budget. This could reduce the overall demand for gasoline in the US, which has been increasing for five consecutive years, although the current price level does not approach the level of 2008 when the average gallon price exceeded $4.

On the eve of a long holiday weekend on the Day of Memory, the demand for gasoline will not suffer too much, analysts believe.

The Energy Information Agency (EIA) expects that gasoline consumption will remain unchanged in 2018 compared to 2017, as population and employment growth support demand, said Eames Tim Hess.