Today, the nationwide average gasoline price fell under $4 for the first time since March. Gas prices continue the fastest decline in over a decade – with prices dropping every day this summer. As a result, American families with two cars are saving over $110 per month on average.
President Biden has taken historic actions to address Putin’s price hike at the pump by releasing one million barrels of oil a day from the Strategic Petroleum Reserve, partnering with our allies to release an unprecedented amount of oil, and under his leadership, U.S. oil production is up and on track to reach a record high.
While more work remains, gas prices are coming down and the President continues to call on domestic and international oil producers to increase supply so they continue to come down.