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White House: Gas prices to continue to decrease in December

(AP Photo/David Zalubowski, file) (David Zalubowski, Copyright 2022 The Associated Press. All rights reserved.)

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.

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Torres contributed to this report from Miami.


About the Authors
Ben Kennedy headshot

Ben Kennedy is an Emmy Award-winning Washington Bureau Chief for Local 10 News.

Andrea Torres headshot

The Emmy Award-winning journalist joined the Local 10 News team in 2013. She wrote for the Miami Herald for more than 9 years and won a Green Eyeshade Award.

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