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

Due to military actions by the United States and Israel against Iran, international oil prices have surged significantly. 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. Data released by the American Automobile Association on the 10th shows that the national average regular gasoline price in the U.S. has increased by 18.64% compared to February 26th. Additionally, on the 10th, the national average diesel price in the U.S. rose by 22.85% compared to a week earlier. Moody’s chief economist Mark Zandi warned that American consumers face the risk of being “hammered” by sharp oil price increases. 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 the consumer finance service company YINLian.com, said that the impact of rising oil prices on consumption is immediate; not only will fuel costs increase, but airline tickets and petroleum-based products will also become more expensive. (CCTV News)