Gasoline in the US rose by 34.2% over the year amid 3.7% inflation — OilPrice

In the United States, the overall consumer price level rose by 3.7% in the 12 months through September, while gasoline prices increased by 34.2% and heating fuel prices by 74.2%. OilPrice cites these consumer price index data, released on October 14, in its report.

The impact of energy costs

The publication attributes a significant share of the rise in consumer prices to energy costs and volatility in global oil and gas markets. The article notes that heating fuel is mainly used by US households to heat their homes.

Semafor climate and energy editor Tim McDonnell, in a column cited by OilPrice, called oil and gas price volatility a persistent vulnerability of the US economy. In his view, domestic production gives the country more control over the balance of supply and demand, but cannot shield consumers from fluctuations in the global market.

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Prices outpace wages

Business Insider, cited by OilPrice, noted that in recent months price growth in the United States has outpaced wage increases. The publication also suggested that Americans are unlikely to quickly feel relief in fuel costs.

McDonnell believes that reducing dependence on fossil fuels could weaken the impact of geopolitical events on inflation. At the same time, he acknowledged that the transition to clean energy also carries inflationary risks, but the costs of producing energy from alternative sources may be more predictable.