WASHINGTON – Drivers in South Florida should expect gas prices to continue decreasing this month, according to the White House.
Jared Bernstein, a member of the White House Council of Economic Advisers, attributed the price decrease at the gas pump to President Joe Biden’s withdrawals from the nation’s strategic reserve.
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“I think his release of oil from the strategic reserves has helped to start a trend but it’s a rolling release it’s not all at one time and I think that’s why this negative trend in gas prices has persisted,” Bernstein said.
The price of gas in the U.S. was at $3.40 per gallon on Monday, according to AAA. It’s the lowest price since February and could continue to decrease below $3 by Christmas.
“This is the kind of breathing room that is important to consumers right now,” Bernstein said.
Amid fears of a recession, Biden’s administration reported progress on the plan to tackle inflation with prices falling for goods like furniture and used cars.
“The cost of gas at the pump is down over $1.20 a gallon since this summer,” Biden said during a speech on Friday about the October jobs report.
Earlier this year, the U.S. banned all Russian energy supplies over the war in Ukraine. And last week, the G-7 agreed to cap the price of Russian crude oil at $60 a barrel.
Related timeline
- Feb. 25, 2022: Russia invades Ukraine on many fronts in ‘brutal act of war’
- Nov. 23, 2021: Fighting gas prices, US to release 50 million barrels of oil
Torres contributed to this report from Miami.