Is relief at the pump here to stay? We sat down with the White House
Gas prices are finally on the decline, attributable to steps the Biden Administration has taken in recent months to ease the pain at the pump.
Prices at the pump continue to fall, finally providing relief as the Biden Administration continues its efforts to increase oil production. On average, gas prices are down more than 80 cents per gallon.
47 ABC’s Rob Petree got the chance to sit down White House Deputy Director of the National Economic Council Bharat Ramamurti to discuss the drop in prices and ongoing efforts by the President to ensure the downward trend continues.
“What you see in Maryland, what you see nationally, is the single largest decline in gas prices that we’ve had in more than a decade,” Ramamurti explained. “It’s welcomed relief for people who are filling up at the pump and that means real money back in people’s pockets and that’s important to the President and that’s important to everybody here at the White House.”
The drop in gas prices are largely contributable to the President’s efforts to release some of our strategic petroleum, according to Ramamurti who said that alone was contributable to upwards of 40-percent of the decline.
“One big factor in it, is a big step that the President took, a few months ago he ordered the single largest release from our strategic petroleum reserve, a 180 million barrels of oil, and a recent report came out that said that alone was responsible for about a 30 to 40 percent decline in prices at the pump,” Ramamurti stated. “So, the President is doing everything that he can to help accelerate this decline in prices that we’ve had over the past two months.”
Administration officials remain hopeful that the trend will continue and that gas prices stay on the decline.
“We expect these prices to continue to go down over the next few weeks,” Ramamurti said. “If you look at gas futures, oil futures, other financial market indicators, all of them are pointing in the same direction, which is that this historic decline over the next few weeks.”
The national gas price average currently stands at $4.16 a gallon. Most areas across Delmarva, areas of Wicomico and Worcester Counties in Maryland, along with Sussex County, Delaware, have already seen gas prices drop well below that average.