US gas prices rise to a record $5 a gallon but Biden hedges on Saudi Arabia visit

theguardian.com:

US gasoline prices, a key driver of the highest inflation seen in the US in 40 years, hit a record $5 a gallon on Saturday. There was little to suggest they would drop anytime soon but, also on Saturday, Joe Biden said he had “not yet” decided if he will travel to Saudi Arabia, a week after opening the door to a possible trip.

Any such visit would be aimed at bolstering relations with the country at a time when Biden is trying to find ways to lower gasoline prices.

Many on the US right blame the high prices on the president. Others blame the Russian invasion of Ukraine. Democrats accuse oil companies of price gouging.

In fact prices have been surging since April 2020, when the shock of the coronavirus pandemic drove gasoline under $1.80 a gallon, according to government figures. Prices hit $3 in May 2021 and passed $4 this March.

On Saturday, the nationwide average for a gallon ticked just above $5, a record, according to auto club AAA. The average price jumped 18 cents in a week and was $1.92 higher than this time last year. State averages ranged from $6.43 in California to $4.52 in Mississippi.

Global oil prices have been rising unevenly but sharply. The price of international crude has roughly doubled, with the US benchmark rising nearly as much. It closed on Friday at more than $120 a barrel.

Several factors are pushing prices higher.

Russia’s invasion of Ukraine and the resulting sanctions by the US and its allies have contributed to the rise. Russia is a leading oil producer.

The US is the world’s largest oil producer but its capacity to turn oil into gasoline is down 900,000 barrels of oil a day since the end of 2019, according to the energy department.

Tighter oil and gasoline supplies are hitting as energy consumption