U.S. gasoline prices continue to climb, approaching the $5 per gallon mark

According to data released by the American Automobile Association on June 9, the average price of regular gasoline in the United States rose about 26 cents month-on-month to $4.
97 per gallon that day, an increase of nearly $2 year-on-year, approaching the $5 per gallon mark
.

The American Automobile Association believes that as the U.
S.
economy recovers from the recession caused by the pandemic, consumers' pent-up demand for travel has been unleashed, including a surge
in road and air travel.
At the same time, more people are returning to work and commuting demand is surging, leading to a consequent
increase in gasoline prices.

At the same time, jet fuel prices are soaring
.
U.
S.
airlines are making up for the additional costs
of higher oil prices by raising prices such as fuel surcharges.
According to the U.
S.
Department of Labor's consumer price index, U.
S.
airline fares rose 18.
6% month-on-month and 33.
3%
year-on-year from March to April.

United Airlines CEO Kurt Kirby noted in a previous interview that the driver of higher ticket prices is "almost exclusively jet fuel prices.
"
He noted that fuel costs have almost doubled
compared to the same period in 2019.

Analysts believe that record high oil prices may dampen some fuel demand
.
Lucas Davis, an economist at the University of California, Berkeley, said that in the short term, every 10 percent increase in gasoline prices will lead to a 2 to 3 percent
drop in gasoline consumption.