Gasoline prices have been dropping as President Joe Biden approached the problem head-on. We see prices per gallon at $3.99 once again. Not everywhere, but in about 20 percent of all filling stations. Biden pointed out that oil profits are astronomical and pressured the oil giants to drop the prices at the pump.
Since President Biden began working to lower prices at the pump, which traditionally affect the party in power adversely especially with record prices, gas prices have fallen 50 cents per gallon. At its highest, the cost was $5.02 on average:
‘Average gas prices are typically inflated because some stations are selling gas for well above the local market price — and even a handful of high-priced stations can unduly affect the average. Imagine nine stations selling gas for $3.99 a gallon, and one station selling for $4.25. The average of those ten stations would still be $4.02.’
Oil companies have been slow to respond to the rebound after laying off workers and decommissioning rigs during the pandemic slump, The New York Times reported:
Crude oil prices drive the cost of gasoline at the pump. And the price per barrel did not match the historical corresponding price per gallon. Gasoline has been much more expensive this time. The COVID pandemic was responsible for the dramatic drop in price starting in early 2020. People simply stayed home.
Another reason for the current prices has been a fear of a global recession. Brent oil futures beginning in early June and lasting through July 15 moved a bit higher.
That was one of the reasons that the U.S. president went to Saudi Arabia, urging the oil-rich country to increase oil production. President Biden did not want to go given the Crown Prince’s proclivity for killing or jailing journalists. Unfortunately, our president did not walk away with any deal.
At the peak of the gasoline prices, only a handful of filling stations offered their product under $4.00. Now Texas and South Carolina show gas under the $4.00 price tag in 61 percent of their gas stations. Half of Georgia’s and Mississippi’s stations were under $4.00, too. In addition, 25 percent of stations’ gas in Alabama, Arkansas, Kentucky, Louisiana, North Carolina, Oklahoma, and Tennessee fell under $4.00 per gallon.
Conversely, only one percent of 25 states price per gallon ran below $4.00. Those states included Alaska, Hawaii, the Northeast, the West Coast, and Washington, D.C. Due to its stance on pollution, California still has had the top price per gallon average of $5.90. And none of its filling stations priced their gasoline under the $5.00 price tag.
Featured image is a screenshot via YouTube.
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