bloomberg — U.S. Energy Secretary Jennifer Granholm said U.S. gasoline prices should fall further after falling to less than $4 per gallon for the first time since March.
“We hope that’s true, but again it could be influenced by what’s going on globally,” Granholm said on CNN’s “State of the Union” Sunday.
Prices in the fourth quarter are expected to average $3.78 a gallon, according to the Energy Information Administration perspective. Granholm said the forecast should remain in line barring unforeseen “global events”.
Falling fuel costs have helped slow inflation, which hit four-decade highs this year, hitting consumer spending and prompting Republicans to hit President Joe Biden for rising prices. The average price of gasoline in the US nationally hit a record from $5,016 in June.
Biden is touting the drop in gas prices ahead of November’s US midterm elections, where Democrats are defending a narrow majority in the House of Representatives 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 Deflation Act, a package of climate, energy, health and tax measures passed by Congress and awaiting Biden’s signature, which would give rebates to people who buy new electric vehicles and encourage charging stations.
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