White House: Gas prices to continue to decrease in December

(AP Photo/David Zalubowski, file) (David Zalubowski, Copyright 2022 The Associated Press. All rights reserved.)

WASHINGTON – Drivers in South Florida should expect gas prices to continue decreasing this month, according to the White House.

Jared Bernstein, a member of the White House Council of Economic Advisers, attributed the price decrease at the gas pump to President Joe Biden’s withdrawals from the nation’s strategic reserve.

“I think his release of oil from the strategic reserves has helped to start a trend but it’s a rolling release it’s not all at one time and I think that’s why this negative trend in gas prices has persisted,” Bernstein said.

The price of gas in the U.S. was at $3.40 per gallon on Monday, according to AAA. It’s the lowest price since February and could continue to decrease below $3 by Christmas.

“This is the kind of breathing room that is important to consumers right now,” Bernstein said.

Amid fears of a recession, Biden’s administration reported progress on the plan to tackle inflation with prices falling for goods like furniture and used cars.

“The cost of gas at the pump is down over $1.20 a gallon since this summer,” Biden said during a speech on Friday about the October jobs report.

Earlier this year, the U.S. banned all Russian energy supplies over the war in Ukraine. And last week, the G-7 agreed to cap the price of Russian crude oil at $60 a barrel.

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Torres contributed to this report from Miami.

About the Authors:

Ben Kennedy is an Emmy Award-winning Washington Bureau Chief for Local 10 News.

The Emmy Award-winning journalist joined the Local 10 News team in 2013. She wrote for the Miami Herald for more than 9 years and won a Green Eyeshade Award.