Biden boasts as gas prices drop to below $4.50 per gallon - ednews.net

7 August,

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Biden boasts as gas prices drop to below $4.50 per gallon

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President Biden touted falling gas prices in a series of tweets over the weekend as the national average for a gallon of gas fell below $4.50. 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." In a press release last week, AAA said West Texas Intermediate (WTI) crude oil fell to $102.26, down from a high of $109 per barrel over the spring. Demand for gas only slightly increased last week and was closer to July 2020 levels, AAA noted. At the same time, the number of crude oil barrels jumped by 3.5 million barrels to a total of 228 million barrels, "signaling that low demand led to growth in inventory last week."

"If gas demand remains low as stocks increase, alongside a continuing reduction in crude prices, drivers will likely see pump prices decline," the organization's analysts wrote. Biden on Saturday said the falling gas prices have saved the average American about $30 a month. "An extra 60 cents a gallon back in your pocket is meaningful," the president tweeted. " It's breathing room."

 

 

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