Gas Prices In US: After Record Highs, Here's Why Are Americans Are Paying Less At The Pump
Average gas prices in California have fallen 30 cents per gallon in the last week, and there have been similar price drops around the country. There are many factors at play for these price drops, the most significant one being the increased supply ordered by President Joe Biden in March.
Biden authorized the largest release of oil from global reserves in history with 180 million barrels of oil released since his directive.
According to the Department of Treasury, the release lowered international and domestic gas prices by up to 40 cents a gallon.
This is a huge turnaround from June, when gas prices soared to a national average of $5 a gallon. By late August gas prices had plunged to under $4 per gallon.
Gas prices are currently at an average of $3.84.
Such dramatic changes may be attributed to the steep price drop in western states like California, Nevada, Washington, and Oregon. Also, gas prices usually rise during the summer, since it's a peak time for American drivers.
In California alone, the average price of gas per gallon dropped 27 cents, though the state still holds the national record for the highest price of gas at $6.06 per gallon.
California is followed by Oregon, whose prices dropped from $5.53 to $5.34 since last week, according to a map provided by AAA.
Washington and Nevada have both dropped 20 cents since last week.
Biden announced on Wednesday that he would release 15 million barrels of oil from the nation's emergency reserves to complete his March directive.
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