President Joe Biden understands that gas and food prices are the most critical issues for Americans as the nation stands less than 100 days until the midterms. He has managed to see gasoline prices drop from those shockingly high prices down for 44 days which broke another record.
Thursday, the average national gasoline prices fell the most during a recorded 24-hour time period. It dropped 4.5 cents per gallon, according to the foremost expert on oil and gas prices and an oil and refined products analyst, the apolitical Patrick De Haan, also known as the Gas Buddy Guy. He tweeted:
‘Today is the 44th straight day that #gasprices have declined. The national average stands at $4.230/gal, down 80 cents from June 14. Ohio and potentially Virginia will fall back under $4 today, becoming the 18th and 19th states to see average #gasprices at $3.99 or less.’
That means President Biden came through with his promise. Gas dropped a fulsome 78 cents per gallon, since he made that promise in June. Diesel went down 48 cents per gallon during the same timeframe. The latter has been crucial, because those prices affect the end price of goods transported across the nation.
Spokesperson and National Public Relations Manager for AAA Andrew Gross has been less optimistic, “cautiously optimistic,” according to The New York Magazine:
‘Consumers appear to be taking the pressure off their wallets by fueling up less. And there’s reason to be cautiously optimistic that pump prices will continue to fall, particularly if the global price for oil does not spike. But the overall situation remains very volatile.’
The average price of gasoline dropped 12 cents per gallon last week and 60 cents per gallon over the past month. That showed up as an average of $4.278 price per gallon at the gas station, according to the New York Magazine.
According to De Haan’s “latest projection,” gas prices will be close to if not at $3.999 per gallon in August:
”Lot of noise on the boards today with Aug NYMEX RBOB expiring. August RBOB is up but more active September up about 10 cents. This could slow the decline in #gasprices, still on the fence about it stifling our chances at $3.99/gal national average.”
The AAA noted that the “low domestic demand for gasoline,” could be caused by those same high prices. If true, that makes the drop temporary.
Naturally, demand went up after the COVID virus subsided. At the same time, Russia attacked Ukraine. The European Union and the U.S. sanctioned Russia in hopes of ending its attack. With Russia being such a big provider of oil and gas to Europe, people around the world felt prices go up.
President Biden has been releasing a million gallons of oil from the national emergency storage and called for large oil and gas companies to refrain from price gouging. At the same time, he has been aware of the surprise inflation-dropping legislation that covered the environmental protections.
De Haan’s analytical prediction for August was:
‘GasBuddy’s March revised forecast called for the national average price of gasoline to range between $3.83-$4.62/gal in August. We’re finally back in our forecast range.’
Let us hope that De Haan is more accurate than Gross.
Featured image is a screenshot via YouTube.
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