New data from AAA -The Auto Club Group show that average gas prices across Georgia have continued to fall this week, following President Biden’s swift and decisive action on energy prices. Over the past month, average gas prices have lowered by 10 cents per gallon and continue to trend downward.
Last month, President Biden sent a letter to the Federal Trade Commission (FTC) expressing concern around oil and gas companies manipulating the market and asking the commission to examine any anti-competitive or illegal conduct. He also announced the largest-ever release from the U.S. Strategic Petroleum Reserve with other nations, helping bring down gas prices in the near term.
Since the President took these steps to tackle gas prices, oil prices are down 10% on average over the last month versus the month before. Retail gas prices are down 7 cents over the last month and wholesale gas prices are down by 15% from their October peak. Pump prices in 20 states are now lower than the 20-year average, adjusted for inflation. Natural gas prices have fallen 25% from their November average.
“President Biden’s plan to tackle gas prices is working, and Georgians are starting to see relief at the pump as a result,” Rhyan Lake, spokeswoman for the Democratic Party of Georgia, said. “The President’s economic strategy has been laser-focused on delivering good-paying jobs, cutting taxes for middle-class families, and reducing costs for Americans. As the average cost of gas trends downward, the Biden-Harris administration will continue to take bold action to revitalize our economy from the pandemic — despite Republicans’ best efforts to stand in the way.”