Biden Administration Expects US Gas Prices To Fall Below $4 In Coming Weeks - White House

WASHINGTON (Pakistan Point News / Sputnik - 19th July, 2022) The Biden administration considers it "reasonable" to expect gas prices to go below $4 per gallon in coming weeks, Chief Economist and Economic Policy Adviser to the US Vice President, Jared Bernstein, said.

"We think it's reasonable to expect more gas stations to lower their prices in response to lower input costs and thus barring unforeseen market disruptions to see average prices fall below $4 per gallon and more places in coming weeks," Bernstein said during a press briefing on Monday.

Bernstein noted that drivers in the United States witnessed the largest single day decline in gas prices since 2008 following 34 days of steady decline on gas prices.

According to Bernstein, citing industry analysts, some 20,000 gas stations across 30 states in the United States are already charging less than $4 per gallon of gasoline.

Last week, a gallon of unleaded gasoline, the most in-demand fuel product at US pumps, averaged $4.63 on Wednesday, versus the record high of $5.01 a month ago. US crude oil prices, meanwhile, have fallen 20% from around $120 a barrel a month ago to just under $100 now.

As of Monday, the average price for a gallon of gasoline is $4.52, according to the American automobile association.