Days after President Joe Biden announced that the U.S.will tap into oil reserves, skyrocketing gas prices have finally plateaued. Fox News reports that prices hit a record high on Friday (March 11th) at $4.33 per gallon. But, it seems that the prices are coming down by at least half a cent. The price was $4.325 on Sunday (March 13th).
Here’s What to Know
- Gas prices hit a record high on Friday at $4.33 per gallon.
- However, the prices ended up slipping by about a half-cent to $4.325 on Sunday.
- Two-thirds of Americans say gas rices were already too expensive when the national average hit $3.53 per gallon.
- In a recent study, it was revealed that 59% of participants stated if prices hit $4 a gallon, they would make changes to their driving habits or lifestyle.
Despite Gas Prices Starting to Come Down, Americans Already Said the Cost Was Too Much A Few Weeks Ago
Fox News further quoted an AAA survey that showed two-thirds of Americans already stated that gas prices were too expensive even when the national average was at $3.53 per gallon a few weeks ago. The survey also showed that 59% of its participants said that if prices reached $4 a gallon, they would consider making some changes to their driving habits or maybe even their lifestyles.
The jump in prices at the pump came just days after Russia began its invasion of Ukraine. President Biden said he is hoping to tap into oil reserves to stop the increase. During his 2022 State of the Union address earlier this month, the U.S. leader declared that it would “blunt gas prices here at home.”
“I want you to know that we are going to be okay,” President Biden reassured Americans during his speech. Secretary of Energy, Jennifer M. Granholm released a statement as well. “The United States and 30 other countries, supported by the European Commission, agreed to collectively release an initial 60 million barrels of oil from strategic petroleum reserves. This decision reflects our common commitment to address significant market and supply disruption related to President Putin’s war on Ukraine.”
President Biden Announced Plans to Ban Russian Oil
President Biden also announced that the U.S. is banning Russian oil. The U.S. leader did discuss what banning Russian oil means for gas prices. “That means Russian oil will no longer be acceptable at U.S. ports. And the American people will deal another powerful blow to Putin’s war machine. This decision today is not without cost here at home. Putin’s war is already hurting American families at the gas pump. Since Putin began his military buildup on Ukrainian borders the price of gas at pumps in America went up 75 cents.”