The reason for high fuel prices in the United States of America is that it has to import most of its oil from other countries. Currently, the demand for fuel is higher than the supply. The price of a barrel of oil is determined by global supply and demand. America imports about 10 million barrels per day, which is about 42% of the total consumption in the country. This has led to higher prices for gasoline and diesel fuel.
The economy has been struggling to recover, which has led to a decrease in demand, leading to an increase in prices.
The high prices of fuel are not just a U.S. problem but a global one. The oil price has been at its highest since 2014, and OPEC countries have been trying to cut production for years now to increase the price of oil and help with inflation.
With the U.S. dollar becoming less valuable, it gets more expensive to buy fuel from other countries. The price of oil also rose with inflation, which caused the cost of gasoline to increase.
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