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President Biden Bragging As Gas Prices Drop Remarkably To 4$ And Below
Mr. Biden boasts as gas prices drop to below $4.50 per gallon, “Nineteen states now offer gas under $4. In 15 of them , gas is $3.89 or less.” The President Tweeted 14 hours ago.
Biden also tweeted: “The current drop in gas prices continues to be the fastest decline in over a decade.”, also stated “83 cents down and counting since mid June.”
The national average for a gallon of gas is now $4.36, according to the transportation organization American Automobile Association (AAA), down from a high of $5 a gallon last month.
Biden, who is struggling with slumping approval ratings, tweeted first on Friday that gas prices fell 60 cents over the past 38 days, marking the fifth straight week of decline.
He followed that up with a tweet on Sunday, noting it was now 65 cents over 40 days,
“I grew up in a family where if the price of gas went up, we felt it,” the president tweeted on his personal account. “Gas prices have dropped since mid-June and should continue to come down in the days and weeks ahead. I know those extra dollars and cents mean something.”
Gas prices have soared since last year, reaching record highs over the spring and summer and climbing above $6 a gallon in states such as California, Hawaii, Alaska, Nevada and Washington.
Biden’s approval ratings have tumbled to around 39 percent, in part due to frustration with inflation, as Republicans seize on the economic woes ahead of the November midterms.
The Biden administration has largely blamed supply chain disruptions, Russia’s war in Ukraine and oil companies for the high gas prices and inflation spikes.
“With oil prices coming down 20% from June highs, it’s unacceptable that prices at the pump have only come down by half as much,” Biden tweeted on Saturday. “It’s time for oil and gas companies to pass these lower costs on to Americans.”
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First, the good news: despite a lot of nerve-racking volatility, the price of crude oil is expected to go on a downward trend, reversing the record levels we’ve seen so far this year. The bad news: That isn’t likely before 2023, and anything can happen between now and then.
A gallon of regular unleaded was 16 cents lower on average statewide Thursday than the week prior. HOUSTON — This week, Texas saw its largest week-to-week drop in average gasoline prices so far in 2022, according to AAA.
In its Annual Energy Outlook on 3 March 2022, the EIA said that Henry Hub’s spot price could average $3.94/MMBtu in 2022, down from $4.11/MMBtu in 2021. The agency also forecast a potential drop to $3.27/MMBtu in 2025, followed by a rebound to $4.26/MMBtu in 2030.
Gas prices have a long way to go before they reach the sub-$3 average enjoyed before the pandemic. But as prices continue to drop and several signs hint at broad inflation cooling, the US just might be past the peak of gas-pump pain.
Prices have been marching higher since the pandemic.
Demand fell off sharply during pandemic lockdowns, briefly pushing the price of oil below zero. The war in Ukraine has disrupted Russian oil supplies, causing a spike in prices. Source: Energy Information Administration Note: Price of West Texas Intermediate oil.
AAA says gasoline costs boil down to supply and demand. If drivers continue to fill up less and oil prices continue to drop, then gas prices will drop as well. NEWPORT NEWS, Va.
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