Will high oil prices affect the American consumer?

 The US authorities have expressed concern about the impact of high oil prices on American consumers, noting that they believe that there is sufficient spare oil production capacity around the world, according to "Reuters".

According to the Wall Street Journal, the prices of fuel and petroleum products in America are affected by global crude oil prices. In this regard, gasoline prices recorded their highest level in 7 years last May, and they have continued to rise since then.

Since half the year, global oil prices have been around $75 a barrel, the highest level in more than two years, driven by the efforts of the “OPEC +” alliance to reduce oil supply in order to increase prices and restore balance to the markets, according to CNBC.

And international oil prices had fallen to historical levels with the outbreak of the “Corona” epidemic last year, and this was a motive for producers led by “OPEC” and Russia to restore balance in the market by reducing their production of crude.

Developments that coincided with the announcement by “OPEC” to gradually increase oil production in the market from August to next December, against the background of the global economic recovery and the rise in crude prices.

Meanwhile, increased production is keeping oil prices from rising, which is a support for importing countries like the United States, which despite being one of the world's largest producers, consumes far more than domestic production, according to the New York Times.