Money matters
Gas prices in U.S. fall below $4 per gallon average for first time since March
The average price of gas in the United States dropped under $4 per gallon on Thursday for the first time since March, according to AAA. This will offer some breathing space for drivers who are still contending with increasing inflation.
Seema Shah, the chief global strategist at Principal Global Investors, said that despite the positive news from the labor board, price growth does remain high. “Households will unfortunately continue to feel the severe strain of elevated price pressures on their budgets,” Shah said.
Gas prices hit a record high in June at $5.02 per gallon after Russia’s invasion of Ukraine at the end of February, according to AAA data. The AAA had anticipated that the national average could drop to below $4 this month as fears of major restrictions on supply have eased.
They noted that drivers have been visiting the pumps on a less frequent basis, as residents are “their driving habits to cope with higher pump prices.”
“Oil is the primary ingredient in gasoline, so less expensive oil is helpful in taming pump prices,” AAA spokesman Andrew Gross stated on Monday. “Couple that with fewer drivers fueling up, and you have a recipe for gas prices to keep easing.”
The White House has been working on measures to decrease oil prices after the U.S. and several other countries sanctioned Russian oil, proposing a bill to release more than 180 million barrels of crude from the Strategic Petroleum Reserve.
“President Biden promised he would address Putin’s price hike at … the pump, and he has. He is releasing 1 billion barrels of oil a day from the Strategic Petroleum Reserve,” White House press secretary Karine Jean-Pierre said at a press conference this week.
“He is rallying — rallying international partners to release an unprecedented amount of oil. And under President Biden’s leadership, U.S. oil production is up and on track to reach a record high,” Jean-Pierre went on to say.
Terry A. Hurlbut has been a student of politics, philosophy, and science for more than 35 years. He is a graduate of Yale College and has served as a physician-level laboratory administrator in a 250-bed community hospital. He also is a serious student of the Bible, is conversant in its two primary original languages, and has followed the creation-science movement closely since 1993.
-
Civilization5 days ago
CHAPTER 12: Seeding Race Wars
Space Is No Longer the Final Frontier—Reality Is [forthcoming release May 2024] -
Education4 days ago
Title IX revision sparks State revolts
-
Constitution3 days ago
Precinct Strategy scores again
-
Civilization2 days ago
Legacy media already assume Trump wins
-
Education5 days ago
Did the Freemasons, Illuminati, Spiritualists and Mystics establish this country?
-
Education3 days ago
The Road Back to Normalcy Starts Where the Problem Began: College Campuses
-
Civilization2 days ago
SCOTUS Is Last Bulwark Against Critical Legal Studies
-
Civilization2 days ago
What 10 Years of U.S. Meddling in Ukraine Have Wrought (Spoiler Alert: Not Democracy)