Gas prices fell this week to their lowest point since January, more than erasing increases caused by Russia’s war in Ukraine and offering drivers some much-needed relief this holiday season.
The national gas average dropped Monday to $3.36 per gallon, according to data from gas analytics company GasBuddy, down for the fourth straight week and 43 cents compared to the previous week.
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DAILY ON ENERGY: NEWSOM ESCALATES CALIFORNIA WAR ON OIL REFINERS
“Every state has again seen average gasoline prices drop in the last week, and it remains very possible the national average could fall under $3 per gallon by Christmas,” Patrick DeHaan, head of petroleum analysis at GasBuddy, said in a statement.
Gas prices began increasing in the run-up to Russia’s invasion of Ukraine in February and climbed steadily through June when they reached a record high of more than $5 per gallon.
Since reaching their summer peak, however, the trend has reversed, and gas prices have dropped each month, according to data from AAA.
The lower prices are due in large part to lower-than-expected global demand, as well as an increase in supply from refineries that had previously been shut down for maintenance.
The Biden administration has sought to take credit for the drop in gasoline prices, pointing to actions such as its drawdown of the U.S. Strategic Petroleum Reserve.
In March, President Joe Biden ordered the sale of 180 million barrels of oil from the U.S. emergency petroleum stockpile, the largest single release from the reserve since its creation in the 1970s.
Republicans have criticized the sales as diminishing the U.S. ability to respond to major emergencies, such as global disruptions or natural disasters.
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“Because of our policies, gasoline prices are coming down,” Biden said at a White House event last week.
“And what’s most exciting about it: People are starting to feel a sense of optimism and the impact of these legislative achievements in their own lives,” he said.
