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US: Energy Department sees further drop in gasoline prices

U.S. Energy Secretary Jennifer Granholm said U.S. gasoline prices should fall further after falling below $4 a gallon for the first time since March, according to Bloomberg.

“We hope that’s true, but, again, it could be affected by what’s going on globally,” Granholm said on CNN’s “State of the Union” Sunday.

Prices in the fourth quarter are expected to average $3.78 a gallon, according to forecasts from the Energy Information Administration. Granholm said that forecast would remain on track barring unexpected “global events”.

Sliding fuel costs have helped slow inflation that is running at four-decade highs this year, hurting consumer spending and prompting Republicans to hammer President Joe Biden on rising prices. The national average price of gasoline in the US hit a record $5,016 in June.

Biden has been drumming up falling gas prices ahead of November’s US midterm elections, where Democrats are defending a narrow majority in the House of Representatives and a one-vote advantage in the Senate.

The administration took “unprecedented measures to moderate supply and demand,” such as releasing oil from the US Strategic Petroleum Reserve, Granholm said.

He pointed to the Inflation Reduction Act, a package of climate, energy, health care and tax measures passed by Congress and awaiting Biden’s signature, which would give rebates to those buying new electric vehicles and promote charging stations.

Source: Capital

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