Gas prices continue to ease in US, hitting 2-month low

Business

Gasoline prices are shown at a gas station Thursday, June 9, 2022, in Salt Lake City. (AP Photo/Rick Bowmer)

(The Hill) — Gas prices in the United States are easing amid high inflation and a continued Russian invasion in Ukraine, hitting a two-month low on Tuesday.

Data from AAA showed a $4.495 per gallon national average gas price on Tuesday, hitting a two-month low, according to Bloomberg. South Carolina was the only state on the association’s map that showed gas prices under $4.

The development comes as the nation still grapples with high inflation. 

Labor Department data released last week showed inflation had increased more than 9% from a year ago as the country navigates lingering supply chain issues and an international conflict in Ukraine that has further impacted commodities.

President Joe Biden recently returned from a trip to the Middle East, which included a visit to Saudi Arabia, where oil and energy were discussed.

He said last week that “we had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth” and added that “I’m doing all I can to increase the supply for the United States of America, which I expect to happen.”

Biden said, however, there were no immediate plans regarding increased oil production.

But members of his administration have said that oil prices are likely to continue to come down gradually for the foreseeable future.

Amos Hochstein, the special presidential coordinator for international energy affairs, said earlier this week he believed that in the coming weeks the national price of gas would move near $4 a gallon.

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