Analysis

US inflation all gassed up, but Biden has new excuse

For US President Joe Biden, who is languishing in the polls, the Ukraine war has become a handy excuse to explain higher fuel prices.

Matthew CranstonUnited States correspondent

Updated Mar 9, 2022 – 12.15pm, first published at 11.30am

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Washington | Construction worker Juan Perez won’t refuel his utility vehicles in the nation’s capital any more because it’s too expensive.

The price of petrol jumped more in the past week than any week on record, just as sanctions on Russian oil were imposed, leaving the average cost of a gallon of petrol in the US at a record $US4.17 ($5.73 – about $1.52 a litre in Australia) on Tuesday (Wednesday AEDT).

Matthew Cranston was The Australian Financial Review’s United States correspondent.