According to industry analysts, the average U.S. price of regular-grade gasoline has seen a dip of 6 cents over the past two weeks. The average price per gallon now sits at $3.41.
The slight drop comes while the price per gallon of gasoline is still more than a dollar over what it was in December 2020, $2.19.
Prices across the country have been staggered, with highs of $4.77 being seen in the San Francisco Bay Area and lows in Houston, Texas, where the fuel costs $2.83 per gallon.
Due to lower crude oil costs, the prices have been falling for a month, according to Trilby Lundberg of the Lundberg Survey.
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According to the Lundberg Survey, the average price of diesel is also down since Dec. 3, dropping 3 cents to $3.65 a gallon.
When it comes to the most rapid inflation seen in almost 40 years, President Joe Biden said earlier this month that U.S. price increases have peaked and will decelerate more rapidly than Americans expect, Bloomberg reported.
“It’s the peak of the crisis,” Biden told reporters on Dec. 10. “I think you’ll see it change sooner than, quicker than, more rapidly than it will take -- than most people think.”
The comments from Biden came following the Labor Department reporting that the consumer price index saw a 6.8% annual gain in November, the most since 1982, and the second straight month of more than 6% growth.
