Gas Prices
Fall Below , $4 per Gallon.
According to AAA, the national average price for a gallon of gas fell below $4 on Aug. 11.
It is the first time gas prices have fallen below $4 since March.
While prices remain
higher than this
time last year.
they have fallen far below the highest price in June of just less than $5.02 per gallon.
President Joe Biden is expected to receive a boost in his approval rating because of the news. .
The cost of energy resources, including gas, is a significant factor of inflation.
Analysts say that lower gas prices
will be a relief for consumers.
The affordability squeeze is becoming very real when you see these high prices at the gas pump, Beth Ann Bovino, U.S. Chief Economist at S&P Global,
via 'The New York Times'.
So, in that sense, it’s a positive sign certainly for those folks that are struggling, Beth Ann Bovino, U.S. Chief Economist at S&P Global,
via 'The New York Times'.
However, some consumers are leery of the news because of fears that market fluctuations mean that prices could rise again.
I’m not ready for it to go a little higher again and then I’m over here struggling to fill up my tank, Christina Beliard, Fashion Influencer,
via 'The New York Times'.
I’m trying to figure out, how long is this going to last?, Christina Beliard, Fashion Influencer,
via 'The New York Times'.
Analysts confirm that price consistency is a
key factor of consumer trust.
If gasoline prices stay at or near the levels they have reached, that would mean much more cushion for households, Beth Ann Bovino, U.S. Chief Economist at S&P Global,
via 'The New York Times'
