Average US retail gasoline prices fell below $4 a gallon on Thursday for the first time in months, easing the burden slightly for drivers in the world’s largest fuel consumer. Gasoline prices peaked at a record $5.02 in June, putting pressure on drivers to buy less fuel in July than they did during the pandemic in July 2020. The recent drop in prices could support the administration of President Joe Biden and Democrats in Congress. During the midterm elections in November. The White House took several steps to lower oil prices in the wake of the Russian military attack on Ukraine last February. Biden said on Wednesday that inflation was starting to show signs of abating, although people were “still hurt.” At one point, crude oil, the main driver of gasoline prices, recorded $139 a barrel. It was traded at $98 today, Thursday. Prices fell as market fears of severe supply restrictions eased. The White House withdraws more than 180 million barrels of crude oil from the country’s Strategic Petroleum Reserve. US oil production has increased by about 500,000 barrels per day this year to 12.2 million barrels per day. Consumers have said in interviews in the past few days that they are happy with the drop in prices but are still cautious when buying. “The prices are coming down but not at all enough,” Postal Service worker Kevin Williams said as he filled up a tank in Atlanta on Wednesday. “Even with low prices it costs me $50-60 to fill up. It was $30 before.” With job growth remaining strong, demand could rebound in the coming months with lower prices. Gasoline prices tend to peak in the summer and fall with the driving season.
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