From News Nation:
“Gas prices
drop below $4 for first time in 5 months”
After gas
prices reached all-time highs, consumers are feeling relief at the pump as the
national average fell under $4 per gallon for the first time in five months. It’s
a significant drop that could bring relief to many Americans struggling with
the skyrocketing cost of essentials including affordable housing and groceries.
The national
average for a gallon of regular unleaded was $3.99 on Thursday, according to
AAA. The shopping app GasBuddy reported that the national average was already
down to $3.98 on Wednesday. The nationwide average for gas hasn’t been under $4
since early March. Prices topped out at $5.02 a gallon on June 14, according to
AAA. They declined slowly the rest of June, then began dropping more rapidly. Motorists
in California and Hawaii are still paying above $5, and other states in the
West are paying close to that. The cheapest gas is in Texas and several other
states in the South and Midwest.
A year ago,
the nationwide average price was around $3.20 a gallon. Falling prices for gas,
airline tickets and clothes are giving consumers a bit of relief, although
inflation is still close to a four-decade high. Food prices also remained very
high, almost 11% higher than last year and rising at the fastest pace since May
1979. “I just want to say a number: zero. Today, we received news that our
economy had zero percent inflation in the month of July. Zero percent,” Biden
said. That comment led to backlash from some Republicans, who noted how many
Americans continue to experience hardship with inflation. Sen. Ted Cruz called it “ridiculous BS from
the White House,” in a tweet. U.S. Rep. Virginia Foxx tweeted “8.5% ≠ 0,”
referring to the general CPI yearly increase for July. Republicans blame
President Joe Biden for the high gasoline prices, seizing on his decisions to
cancel a permit for a major pipeline and suspend new oil and gas leases on
federal lands.
Prices at the
pump are likely to be a major issue heading into the midterm elections in
November. Meanwhile, inflation remains in the spotlight in the nation’s capital
with a possible vote happening on the $740 billion Inflation Reduction Act as
soon as Friday in the House. As of now, all signs point to the House passing
the legislation. It would provide hundreds of millions of dollars to fight
climate change and lower health care costs if approved.
^ I have
noticed the sharp decrease in the price of gas locally and its nice to see it
being done across the country. ^
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