August 9, 2022

‘Gas Prices Could Soon Fall Below $4 a Gallon,’ Says Biden’s Energy Advisor

2 min read
'Gas Prices Could Soon Fall Below $4 a Gallon,' Says Biden's Energy Advisor

In the upcoming weeks, Amos Hochstein anticipates that national average prices will continue to decline from record highs.

U.S. gas prices should continue to decline in the upcoming weeks after reaching a record high of $5 per gallon in June, a top White House energy adviser predicted on Sunday, with the average price hovering around $4.

Amos Hochstein, the special presidential coordinator for international energy issues, claimed in an interview airing on CBS News’ “Face the Nation” on Sunday that the Biden administration’s initiatives under “exceptional circumstances” are effective.

According to a transcript, Hockstein said of gas prices, “It’s not $5 anymore, it’s now $4.55.” “And I anticipate it to drop closer to $4. Additionally, there are currently a lot of gas stations across the nation with prices under $4. Since one of the parties to the conflict is the third-largest producer in the world, this is the fastest rate of decline against a significant increase in oil prices that has occurred during a war in Europe.

Therefore, they are exceptional circumstances. To address them immediately, both for the American consumer and truly for [the] world economy, we have taken some pretty strict measures.”

'Gas Prices Could Soon Fall Below $4 a Gallon,' Says Biden's Energy Advisor

According to AAA, the average gas price in the United States as of Sunday was $4.532 per gallon, down from $5 a month earlier and about 14 cents from a week ago. Even still, that is a considerable increase above the $3.167 per gallon gas prices of a year ago.

One of the most obvious signs of inflation is gas prices, which in June reached a 41-year high of 9.1 percent year over year.

Hockstein credited Biden with lowering oil prices by releasing a million barrels of oil per day from the U.S. strategic reserve.

The Biden administration is convinced that oil companies will have raised output by the time the emergency releases cease, according to Hockstein, who noted that they are expected to do so around the end of the year.

He told host Margaret Brennan, “I anticipate the private sector in the United States will have those increases coming, so we don’t need to have the emergency from the United States government.”

Hockstein supported a plan to control the price of Russian oil and pointed out that OPEC still has the ability to produce much more oil.

He stated, “What we want to be able to do is mitigate such that the price of oil on the global market actually has no influence at all on Russia. Therefore, even if prices rise, Putin still won’t receive that price.

Michael Murphy-

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