Energy & Environment

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.

Tags Amos Hochstein Energy gas prices Inflation Joe Biden Oil prices Saudi Arabia

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Regular the hill posts

People – Image widget – Person – Main Area Top

File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)
File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)

QAT WC-2613

People – Image – Person

In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)
In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)

People - Video Bin - Person

The White House is pushing 'Bidenomics,' but what does it mean?

The White House is pushing 'Bidenomics,' but what ...
DC Bureau: AI Legal Immunity (raquel)
KXAN: special session
DC Bureau: Biden economic display (basil)
KTXL: ca budget folo
WHTM: good gov bills
More Videos

Main area middle

See all Hill.TV See all Video

main area bottom custom html

MAIN Area bottom

People – Custom HTML – Person

MAIN AREA BOTTOM

People - Article Bin - 7 Headline List with Featured Image - Person

Main area bottom

Top Stories

See All

Most Popular

Load more