U.S. fuel prices rise sharply, consumers face the risk of being "hammered"

People’s Financial News, March 11 — Due to military actions by the United States and Israel against Iran, international oil prices have surged sharply. U.S. domestic gasoline retail prices have been rising for consecutive days, with a total increase of nearly 20% over the past two weeks, further increasing the cost of living for Americans. According to data released by the American Automobile Association on the 10th, the average nationwide regular gasoline price in the U.S. on that day had increased by 18.64% compared to February 26. Additionally, the average nationwide diesel price on the 10th rose by 22.85% compared to a week earlier. Moody’s Chief Economist Mark Zandi warned that U.S. consumers face the risk of being hit hard by soaring oil prices. He stated that if international oil prices continue to rise by $10 per barrel, the annual expenditure of an average American household could increase by approximately $450. The surge in oil prices will boost inflationary pressures in the U.S., weaken consumer purchasing power, and impact consumer spending, economic growth, and employment. Stephen Katz, a financial analyst at YINLUN Financial Services, said that the impact of rising oil prices on consumption is immediate; not only will fuel costs increase, but airline tickets and oil-based products will also become more expensive. (CCTV News)