Gas prices have now fallen for more than 50 days straight. They are on track to sink by about 20 percent from June’s $5.02-per-gallon peak. Joe Biden is relieved, as are Americans, at least to judge by the president's slightly improving ratings.

The Consumer Price Index remains high for now. Russia is still at war with Ukraine, and fossil fuel companies keep counting record profits. The downward price trend in other countries points to factors outside U.S. governance. Some energy analysts and economists are warning not to expect this relief to continue.

The most significant driver of the price drops? Demand, demand, demand. Multiple consumer surveys have found that many American drivers are reconsidering their primary means of transport. Americans are increasingly interested in hybrid and electric vehicles, although price hikes in even that sector have staved off widespread adoption (which could change, should the Inflation Reduction Act become law)

Even residents of oil-happy states avoid excessive gas combustion for shorter trips. Aviation fuel consumption has dropped by nearly 20 percent over the past week. The EIA also noted Wednesday that the United States’ stockpiles of crude oil and gasoline rose over thepast week.

Biden's emergency sales of barrels from the Strategic Petroleum Reserve likely helped oil companies bolster their holdings. This should help out stateside even in the midst of a diplomatic loss for Biden. OPEC+, the group of Gulf petrostates, only agreed to a small boost in its countries’ production of crude.
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