US Fuel Prices Surpass $5 A Gallon As Biden Says Oil Company ‘Made More Money Than God This Year’ | American News

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U.S. gasoline prices topped five dollars a gallon for the first time ever, as global oil prices continue to soar amid the war in Ukraine.

The AAA automobile club said the average price on Saturday was $5, but motorists in some parts of the country, particularly California, are paying far more than that.

However, the $5,004 (£4.06) mark remains significantly lower than in the UK where the cost of a US gallon (about 3.8 liters) is £6.93.

President Joe Biden accused the US oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits.

“Exxon has made more money than God this year,” Mr. Biden told reporters at the Port of Los Angeles.

“Why don’t they drill? Because they make more money without producing more oil,” he added.

Exxon pushed back on the comments, saying it has continued to expand its U.S. oil, gasoline and diesel production, and has borrowed heavily to boost production while suffering losses in 2020.

The news comes after US figures on Friday showed consumer prices rose 8.6% in May from a year ago – the highest inflation in 40 years.

Costs for gasoline, food and other necessities have skyrocketed over the past month.

The Labor Department report showed the US consumer price index (CPI) accelerated to 1% in May from 0.3% in April, while on an annual basis it jumped by 8.6% as gasoline prices hit an all-time high and the cost of services rose further.

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£100 to refuel the family car

Drivers around the world are feeling the bite of soaring fuel prices following the Russian invasion of Ukraine.

Moscow has been hit with record sanctions, including a partial ban on Russian oil imports to the European Union.

Protests against fuel prices in Poland are planned for the weekend, with motorists possibly blocking petrol stations, local media report.

Meanwhile, in Guinea, one person was killed in the capital during protests against rising fuel prices last week.

People barricaded streets and set tires on fire to protest a 20% increase in gas prices.

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