The price of gas fell two cents Wednesday to $4.779 per gallon, down 24 cents from its highest-ever recorded level of $5.016 last month, and is on track to continue falling, though maybe not fast enough for President Joe Biden.
There is a gas station in Washington.
Gas prices will likely trickle further down after oil prices fell about 8% on Tuesday on the back of increased recession fears, with benchmark West Texas Intermediate crude trading at under $100 per barrel for the first time since early May
The price of crude oil is related to the price of gas in the US.
Patrick De Haan, GasBuddy's head of analysis, said Tuesday that he expects a decline of 40 to 65 cents per gallon in the weeks ahead.
The previous record for gas prices was $4.103 per gallon in 2008.
The principal of Vectis Energy Partners told Yahoo Finance Tuesday that without demand destruction, gas prices won't fall below $4 a gallon.
Much of the increase in gas prices can be traced to Russia's invasion of Ukraine threatening the global energy supply, though Biden has faced criticism for his perceived lack of action on gas prices, which have been a major driver of the U.S.' highest inflation since 1981. The 18-cent per gallon federal gas tax would be suspended for a month as a result of Biden's call. Biden's suggestion to bring down prices was rejected by many in Congress. Americans do not like Biden's handling of the economy. Only 32% of registered voters approve of Biden's handling of the economy and inflation, both lows since he took office.
The national average price per gallon has increased by 99.7% since Biden became president.
Biden wrote on Saturday that gas stations should lower their prices to reflect the cost of the product. Do it now Many criticized Biden for misrepresenting the situation, including Jeff Bezos. Bezos wrote, "Ouch." The White House doesn't want inflation to be a problem. Either it is straight ahead misdirection or a deep misunderstanding. The third-wealthiest man in the world, Jeff Bezos, has sparred with the Biden Administration over its economic policies.
The price of oil has fallen below $100 per barrel for the first time.
Here is how much gas prices are higher than before.
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