Bloomberg – US Energy Secretary Jennifer Granholm said US gasoline prices are likely to fall further after falling below $4 a gallon for the first time since March.
“We hope that’s true but, again, it can be affected by what’s going on in the world,” Granholm said on CNN’s “State of the Union” on Sunday.
Fourth-quarter prices are expected to average $3.78 a gallon, according to the Energy Information Administration‘s outlook. Granholm said the forecast should stay on track barring unforeseen “global events”.
Lower fuel prices have helped slow inflation that has hit four-decade highs this year, hitting consumer spending and prompting Republicans to hammer President Joe Biden for the price hike. The nationwide average U.S. gasoline price hit a record high of $5,016 in June.
Biden has touted lower gasoline prices ahead of the U.S. midterm elections in November, where Democrats are defending a narrow majority in the House and a one-vote advantage in the Senate.
The administration has taken “unprecedented steps to moderate supply and demand,” such as releasing oil from the U.S. Strategic Petroleum Reserve, Granholm said.
She pointed to the Reducing Inflation Act, a package of climate, energy, health and tax measures passed by Congress and pending Biden’s signature, which will give rebates to people buying new electric vehicles and promote charging stations.
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