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Saturday, August 13, 2022

Biden’s energy coordinator expects gas prices to drop to $4 per gallon

A key energy adviser to the Biden administration said on Sunday that he expects US gas prices to continue falling to $4 a gallon.

“It’s not $5 anymore,” Amos Hochstein, a special presidential coordinator for international energy affairs, told CBS’s “Face the Nation.” “It’s $4.55 now. And I expect it to come down further to $4. And we already have several gas stations across the country that are under $4.”

According to the Associated Press, the US recorded 9.1% inflation in June, a four-decade peak. However, since hitting a record low of $5 per gallon in mid-June, gas prices have plummeted.

Hochstein said Russian President Vladimir Putin’s war in Ukraine created “extraordinary conditions” for the US and other large energy-consuming countries.

“This is the fastest decline rate we have seen against a large increase in oil prices during a war in Europe, where one of the parties to the war is the third largest producer in the world,” Hochstein said. “So, these are extraordinary circumstances. We have taken very strong steps to address them immediately.”

In March, a month after Russia invaded Ukraine, President Joe Biden ordered the release of 1 million barrels of oil per day from the Strategic Petroleum Reserve to offset higher gas prices. At the time, the White House said it would last 180 days – until the end of September.

However, Hochstein said that the release would continue through the end of the year. Until then, the White House expects the oil industry to boost production to 1 million barrels per day.

Hochstein told CBS’s Margaret Brennan, “My hope is that those growths are happening in the private sector in America, so we don’t need an emergency from the US government.” “Meanwhile, we’ve seen prices — both the price of oil, but also the price of the pump, fall at the fastest rate in a decade.”

The Hochstein interview follows Biden’s visit to the Middle East, including a stop in Saudi Arabia, which was heavily criticized over the kingdom’s horrific human rights record, including the murder of Washington Post columnist Jamal Khashoggi.

The president said oil prices could fall “in a few weeks” as a result of his meeting with Saudi leader Mohammed bin Salman.

The Saudis, however, did not commit to boosting oil supplies.

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World Nation News Desk
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