France 24 covers the oil price shock hitting consumers differently around the world. In the US, regular gasoline crossed $4 a gallon for the first time since Russia's 2022 invasion of Ukraine, up from around $3.20 just a month earlier. The $4 threshold carries psychological weight for US voters, particularly ahead of upcoming elections.
In Australia, motorists bought 30% more fuel over Easter weekend than the same period last year. The country's petrol minister said supplies were sufficient into May and urged people not to buy more than they need, noting that fuel hoarding at home is dangerous and makes the situation worse for everyone.
China, which gets roughly half its crude oil and a third of its liquefied natural gas from the Middle East, is cushioned in two significant ways. It holds a strategic crude stockpile of around 1.4 billion barrels. And after directing hundreds of billions of dollars into EV subsidies over two decades, it now has an EV fleet that is 12% of its total vehicle pool, with EVs accounting for more than half of all new passenger car sales. Commercial drivers running battery-powered trucks report that electricity prices barely moved while petroleum costs surged. Analysts note that road transport is no longer a growth driver for China's oil demand, and could actually push it into decline.