WASHINGTON (NEXSTAR) — Drivers are getting some relief as gas prices go down. AAA says the national average for a gallon of gas is now just below $4.
As we roll into election season, the Biden administration hopes drivers are pumped by the drop in prices.
“65 consecutive days of decline, so yes, a bit of much-needed breathing room,” White House economic adviser Jared Bernstein said.
Bernstein says President Joe Biden has worked hard to bring costs down for drivers. He points to efforts like the release of oil from the Strategic Petroleum Reserve and a waiver that allows more widespread use of gasoline mixed with ethanol, made from corn, not crude oil.
“It’s hard to bend a global price. I think we’ve done a lot in that regard,” Bernstein said.
The president’s team wants to see the downward trend continue, but experts say a number of things could send prices back up.
AAA spokesman Andrew Gross says there are two main things impacting the cost of gas in the U.S.
“The driving habits of Americans as well as the global price of oil. And you really can’t impact what’s going on somewhere else around the world,” Gross said.
He also tells people they should keep an eye on the sky, as many American oil refineries are clustered along the Gulf Coast.
“We’re heading into the heart of hurricane season, and hurricane season can do a lot of disrupting,” Gross said.
He maintains that leaders like Biden typically can’t do much to control the ups and downs of gas prices. But barring any unexpected global events or hurricane-related problems, he says drivers should feel cautiously optimistic.
“We should continue to see these moderating gas prices and gasoline fall into a more normal range,” Gross said.