Gas prices hit two-month low in US
Gas prices in the United States are easing despite high inflation and the continued Russian invasion of Ukraine, with the average cost per gallon hitting a two-month low on Tuesday.
Data from AAA showed a $4.495 per gallon national average gas price on Tuesday, the lowest since mid-May, according to Bloomberg. South Carolina was the only state on the AAA’s map that showed gas prices under $4.
The development comes as the nation still grapples with high inflation.
Labor Department data released last week showed that inflation had increased more than 9 percent from a year ago as the country navigates lingering supply chain issues and an international conflict in Ukraine that has further impacted commodities.
President Biden recently returned from a trip to the Middle East, which included a visit to Saudi Arabia where oil and energy was discussed.
He said last week that U.S. and Saudi leadership “had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth,” adding, “I’m doing all I can to increase the supply for the United States of America, which I expect to happen.”
However, Biden said there were no immediate plans regarding increased oil production.
But members of the Biden administration have expressed that oil prices are unlikely to continue remaining high for the foreseeable future.
Amos Hochstein, the special presidential coordinator for international energy affairs, said earlier this week he believed that in the coming weeks the national price of gas would move near $4 a gallon.