US Energy Sec Granholm says gasoline prices should fall further

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US Energy Sec Granholm says gasoline prices should fall further

US Energy Secretary Jennifer Granholm said that US gasoline prices should fall further after dropping to less than $4 a gallon for the first time since March.

Granholm said on Sunday on CNN's State of the Union that they hope that is true but that it can be impacted by what is happening globally.

According to the Energy Information Administration, prices are expected to average $3.78 a gallon in the fourth quarter. Granholm said that the forecast should be on track, even though there are unforeseen global events. Sliding fuel costs have helped slow inflation that has run at four-decades highs this year, hitting consumer spending and prompting Republicans to hammer President Joe Biden for rising prices. The average US gasoline price hit a new record high of $5.016 in June.

Biden is touting the decline in gasoline prices ahead of the US midterm elections in November, where Democrats are defending a narrow House majority and a one-vote advantage in the Senate.

Granholm said that the administration took unprecedented steps to moderate supply and demand, such as releasing oil from the US Strategic Petroleum Reserve.

She pointed out the Inflation Reduction Act, a package of climate, energy, health-care and tax measures passed by Congress and awaiting Biden's signature, which will give rebates to people buying new electric vehicles and promote charging stations.

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