Soaring oil prices triggered by escalating tensions in the Middle East have heightened U.S. inflation pressures, with analysts warning that households face hundreds of dollars in extra costs if crude climbs further.
Data released on Tuesday by the American Automobile Association (AAA) showed that the national average price of regular gasoline in the United States has risen 18.64 percent compared with Feb. 26. The AAA data also indicated that the national average price of diesel on Tuesday was up 22.85 percent from a week earlier.
Mark Zandi, chief economist at global ratings agency Moody's, warned that U.S. consumers are being threatened by a sharp rise in fuel prices. He said that if international oil prices climb by another 10 U.S. dollars per barrel, annual spending for an average U.S. household would increase by about 450 dollars.
Zandi noted that a surge in oil prices would intensify inflationary pressure in the United States, eroding consumers' purchasing power and weighing on consumption, economic growth, and employment.
Tensions sharply escalated across the Middle East on Feb 28 when the United States and Israel launched large-scale joint airstrikes on Iran. The Iranian side has responded with multiple waves of missile and drone attacks targeting Israel and U.S. assets across the region, hitting many countries in the Gulf.
Escalating Middle East tensions drive up energy prices, squeezing US consumers
Escalating Middle East tensions drive up energy prices, squeezing US consumers
A Chinese mainland spokesperson on Wednesday slammed Taiwan leader Lai Ching-te over his latest remarks on cross-Strait relations, accusing him of promoting secessionism and escalating tensions across the Taiwan Strait.
Chen Binhua, spokesperson for the Taiwan Affairs Office of the State Council, said in a press release that Lai's speech marking his second anniversary in office was "filled with lies and deception, hostility and confrontation."
Chen accused Lai of stubbornly adhering to a secessionist stance in pursuit of "Taiwan independence," while exaggerating the so-called threats from the mainland and intensifying confrontation across the Strait.
Lai played an old trick of advocating the secessionist agenda on one hand and, on the other, calling insincerely for dialogue and exchanges with the mainland, attempting to mislead people in Taiwan and deceive the international community, he said.
Chen said that these common tricks have been seen through by more and more Taiwanese people. Their deceptive and provocative actions will be met with firm opposition from compatriots on both sides and the international community, and are doomed to fail.
Reaffirming the mainland's position on the Taiwan question, Chen said Taiwan has never been a country, is not one now, and will never become one in the future.
He described the Taiwan question as a historical issue left over from a Chinese civil war in the 1940s.
No election result in Taiwan could alter the fact that Taiwan is part of China or sever the historical and legal bonds linking the two sides of the Strait, according to Chen.
The mainland would never allow any person or force to pursue secessionist activities under any pretext, he added.
Calling secessionists "the chief culprit" who undermines cross-Strait peace, Chen said the mainland would continue to uphold the one-China principle and the 1992 Consensus, unite broadly with Taiwan compatriots, combat secessionist activities, and safeguard peace and stability across the Strait.
Central government spokesperson refutes Lai Ching-te's latest remarks, warns against secessionist moves
