The American Automobile Association (AAA) reported Saturday that the average price of a gallon of gasoline in the United States has exceeded $5 for the first time in history. Prices have been rising almost continuously for more than a month.
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According to CNN, Saturday is the 15th consecutive day that the average price of a gallon (3.78 liters) of fuel has broken all records. According to the Bureau of Labor Statistics (BLS), the gasoline price index has risen nearly 50% in the past 12 months, and is one of the leading indicators. Factors affecting the highest inflation rate in more than 40 years.
On Friday, Treasury Chief Janet Yellen acknowledged that a reduction in fuel prices in the near future is unlikely.
See also: The largest American intervention in the fuel market in history
Meanwhile, investment bank Goldman Sachs expects further gains, forecasting that the price of a barrel of Brent crude oil will reach $140 this summer, versus the current price of $121.
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#United States of America
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#inflation
