A CNN Business article published Friday directs Americans to view the mild decline in gas prices as “a $100-a-month raise,” even though the national average for a gallon of regular is still a whopping $3.92, per the American Automobile Association.
In the piece titled “America just got a $100-a-month raise,” CNN Business’s senior writer Chris Isidore wrote:
The steady drop in gas prices over the last few months has turned into an unexpected form of economic stimulus, coming at a time when the Federal Reserve is trying to cool the economy and battle rising prices with higher interest rates.
Since hitting a record of $5.02 a gallon on June 14, the national average price for regular gas is down $1.10, or 22%, to $3.92, according to AAA. That average has now fallen for 67 consecutive days.
Since the typical US household uses about 90 gallons of gas a month, the $1.10 drop in prices equals a savings of $98.82.
The current average is still $1.54 higher than the last full day of former President Donald J. Trump’s term in January 2021 when it hovered at $2.38 per gallon. Going by the average household use of 90 gallons per month that Isidore cited, gas is still costing American families $138.60 more per month since the start of Joe Biden’s presidency.
When Trump left office, gas averaged $2.39. Today, it is $5.01.
Where is Schumer’s outrage at Joe Biden? pic.twitter.com/aaynZW3cnQ
— Ronna McDaniel (@GOPChairwoman) June 14, 2022
In the lead-up to the mid-June record, gas prices shattered all-time highs for at least 11 consecutive days, as Breitbart News reported at the time.
As prices skyrocketed, Biden repeatedly deflected responsibility for the exorbitant cost at the pump, chiefly blaming Russian leader Vladamir Putin and his invasion of Ukraine. He dubbed the increases “Putin’s Price Hike.”
When asked about soaring gas prices in March, Biden’s response was that he could not “do much right now,” and he claimed that “Russia is responsible.”
Last month, while prices were modestly declining, Biden boasted about providing Americans “breathing room.”
“Gas prices have been dropping for 34 days straight, about 50 cents a gallon,” he boasted on social media. “That saves the average driver about $25 a month.”
“I know those extra dollars and cents mean something. It’s breathing room. And we’re not done working to get prices even lower,” he added.