US Energy Secretary Jennifer Granholm said US gasoline prices should fall further after dropping to less than $4 a gallon for the first time since March.
“We hope that that’s true but, again, it can be impacted by what’s happening globally,” Granholm said on CNN’s “State of the Union” on Sunday.
Prices in the fourth quarter are expected to average $3.78 a gallon, according to an Energy Information Administration outlook. Granholm said that the forecast should remain on track barring unforeseen “global events.”
Sliding fuel costs have helped slow inflation that has run at four-decade highs this year, hitting consumer spending and prompting Republicans to hammer President Joe Biden for rising prices. The nationwide average US gasoline price hit a record of $5,016 in June.
Biden has been touting the decline in gasoline prices ahead of the US midterm elections in November, where Democrats are defending a narrow House majority and a one-vote advantage in the Senate.
The administration took “unprecedented steps to moderate supply and demand,” such as releasing oil from the US Strategic Petroleum Reserve, Granholm said.
She pointed to the Inflation Reduction Act, a package of climate, energy, health-care and tax measures passed by Congress and awaiting Biden’s signature, that will give rebates to people buying new electric vehicles and promote charging stations.