Americans look to the outrageous gasoline prices and the price increases throughout their grocery stores to judge how well the economy is doing. And they blame President Joe Biden who is releasing one million gallons of oil every day from our reserves. He also urged states to halt their normal taxes on gasoline at the pump. There are not many things a president can do to help with the price of gas, but apparently, he has succeeded.
The national average now is at $4.77 a gallon, reinforcing the 21 days drops, according to The AAA. The war in Ukraine caused the price of oil to skyrocket. This even though America is at its summer peak and the war continues. The losing streak continued, making this the largest decline since April 2020. These were right at the beginning of the COVID pandemic.
Initially, there were $7.00 per gallon prices, but they fell to $4.77. Why? That was partially due to oil companies’ move to drive prices so high Americans simply quit driving as much, The Business Insider wrote:
‘Prices are falling, in part, because they’ve gotten so high that demand may be waning. Consumption for gasoline hit its lowest point for this time of year since 2014, excluding the pandemic months.’
The oil stockpiles have gone up to four-plus million barrels “during the past two weeks.” This shows what normally happens, the decline in oil heats up. But overall they go up in the summer months.
Tuesday saw crude oil prices decrease to $100 a barrel or nine percent. But should it go down to $65 per barrel, that could play a part in a possible recession.
Featured image is a screenshot via YouTube.
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