Department of Energy Secretary Jennifer Granholm is cautiously optimistic that the steady decline in gasoline prices will continue in the coming months.
- Granholm warned that factors in other parts of the world could increase demand but predicted average prices will bottom out in the final three months of the year at around $3.78.
- She explained, “They’ve fallen every single day of this summer. We’re hopeful that that will continue. But if China opens up significantly after COVID, there’ll be more pressure on demand. More pressure on demand means upward pressure on prices.”
- Granholm also predicted “record” domestic oil production next year with around 12.7 million barrels per day by the end of 2023, up from less than 12 million.
- The average price for a gallon of regular gas was $3.90 as of yesterday according to AAA.
- President Biden has called on Big Oil to produce more while also accusing corporations of price gouging consumers.
- What do you think is a fair price for a gallon of gas?