Energy prices are a key driver of inflation that is rising worldwide and making the cost of living more expensive.
An attendant pumps gas into a motorcycle in Hanoi, Vietnam Sunday, June 19, 2022. Across the globe, drivers are rethinking their habits and personal finances amid skyrocketing prices for gasoline and diesel.
A motorcycle taxi driver in Vietnam turns off his ride-hailing app rather than burn precious fuel during rush-hour backups. A French family scales back ambitions for an August vacation. A graphic designer in California factors the gas price into the bill for a night out. A mom in Rome, figuring the cost of driving her son to camp, mentally crosses off a pizza night.
In Manila, Ronald Sibeyee used to burn 900 pesos worth of diesel a day to run his jeepney, a colorfully decorated vehicle popular for public transportation in the Philippines that evolved from U.S. military jeeps left behind after World War II. Now, it's as much as 2,200 pesos . There's a global oil price — around $110 a barrel — but no global pump price due to taxes and other factors. In Hong Kong and Norway, you can pay more than $10 per gallon. In Germany, it can be around $7.50 per gallon, and in France, about $8. While lower fuel taxes mean the U.S. average for a gallon of gas is somewhat cheaper at $5, it's still the first time the price has been that high.
Pump prices can be political dynamite. U.S. President Joe Biden has pushed for Saudi Arabia to pump more oil to help bring down gas prices, deciding to travel to the kingdom next month after the Saudi-led OPEC+ alliance decided to boost production. The U.S. and other countries also have released oil from their strategic reserves, which helps but isn't decisive.
"People are filling up just as much as before — they're grumbling but they're accepting it," group spokesman Herbert Rabl said.
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