Biden Celebrates As Gas Prices Decline For 8th Week

Bloomberg News reports:

US retail gasoline prices fell below $4.50 a gallon for the first time since mid-May, starting to ease pressure at the pump for millions of Americans. The nationwide average was at $4.495 a gallon, according to data released on Tuesday by the American Automobile Association. Prices have fallen more than 10% since hitting a record last month and are on a 35-day slide, the longest run of declines since April 2020.

CBS News reports:

Gasoline prices in the U.S. could soon drop to an average of $4 a gallon, according to a Biden energy adviser. That forecast comes as prices at the pump, which hit a record of $5.02 a gallon on June 14, have steadily dropped over the past month.  Relief for motorists could help alleviate the financial pain being felt by households across the U.S. amid the sharpest inflation in more than four decades.

Gas prices have been dropping for 34 days straight, about 50 cents a gallon. That saves the average driver about $25 a month.

I know those extra dollars and cents mean something. It’s breathing room. And we’re not done working to get prices even lower.

— President Biden (@POTUS) July 18, 2022