What's happened
Average petrol prices in the UK have surpassed 150p per litre, the highest since November last year. In the US, gas prices in Silicon Valley have soared to $7.29 per gallon, with California averaging $5.44 per gallon.
Why it matters
The surge in petrol and gas prices will impact consumers' spending habits and potentially lead to changes in transportation choices. The increase is attributed to rising oil costs and currency fluctuations, affecting both the UK and US economies.
What the papers say
The AA motoring group highlighted the impact of oil prices and currency exchange rates on fuel costs. The NY Post emphasized the shock of $7.29 per gallon gas prices in Silicon Valley, leading to discussions on the minimum wage and inflation.
How we got here
Rising fuel prices are linked to higher oil costs and currency fluctuations. In the UK, petrol prices have not been this high since November last year. In the US, California faces particularly steep gas prices, impacting consumer spending and inflation rates.
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