GAS PRICES ARE COMING DOWN
The pain at the pump has steadily declined over the last month giving Americans some much needed relief. Although gas rates are still not ideal in some places the Biden Administration is credited with the progressively downward trend. Gas in some parts of the nation had one up in excess of $5/gallon, a historic high. It was announced on Monday that gas in a significant number of states is $3.99/gallon. This morning, South Carolina became the first state with an average price of $4 per gallon the White House says.
On Monday, Jared Bernstein of the White house Council of Economic Advisers noted that gas prices have dropped by an average of 50 cents per gallon over the last 34 days-a drop. The reason as is finally going back down is the reduced price of oil and as well as actions taken by President Biden, such as releases oil from the federal reserve. Plus, Pres. Biden kept stressing that oil companies needed to stop price gouging. Gas stations have taken heed and lowered prices-- proof that the White House strategy worked.
The current drop in gas prices remains one of the fastest declines in over a decade according to Whtie House officials. Continuing to gush over this good news, the White House released additional stats on Tuesday to further bolster the progress.
What the White House is Saying About Gas Prices
- Gas prices have declined by an average of 52 cents per gallon over the past 35 days. At current prices, the average driver will spend about $26/month less than they would if gas prices stayed at their peak.
- According to an industry analyst, the most common price at gas stations across the country is now $3.99, with around 20,000 gas stations across 35 states now offering gas at $3.99 per gallon or less.
-As of last week, wholesale gas prices are down by about a dollar per gallon from their June highs.
The White House predicts. . .
Gas prices should continue to decline: Refiners’ profit margins per gallon of gas are averaging about 90 cents over the last week. That’s roughly double what’s typical for this time of year. Retailers’ profit margins per gallon of gas averaged around $1.30 over the last week. That’s more than 50 cents above what’s typical for this time of year.
The Biden Administration has maintained that gas prices and inflation are seprate and is hopin inflation begins to drop soon.