White House claims Americans save $420 million at gas pump despite high prices
Biden reportedly planning to release additional 10-15 million barrels of oil from nation's emergency stockpile
OPEC's production cut could signify another increase in gas prices
GOP North Carolina Rep. Dan Bishop and former Trump adviser Stephen Moore discuss the Biden administration's energy policies following OPEC's decision to cut oil production on "The Evening Edit."
The average gallon of gas is nearly double what Americans were paying exactly two years ago, but White House press secretary Karine Jean-Pierre touted savings at the pump on Tuesday.
"Every month, the typical two-driver family saves about $120 at the pump compared to where we were in mid-June," Jean-Pierre said at a press conference. "Every day, Americans save about $420 million at the pump compared to mid-June."
The average gallon of gas stood at $3.871 on Monday, a roughly 23% drop from the $5.006 that Americans were paying in mid-June.
Despite the fall in recent months, gas prices are still about 62% higher than they were in January 2021, when President Joe Biden first took office and the average gallon of gas was $2.392. Gas prices are about 80% higher than they were exactly two years ago in October 2020, according to Department of Energy data.
A customer pumps gas at a gas station on May 18, 2022, in Petaluma, California. (Justin Sullivan/Getty Images / Getty Images)
Energy prices have soared in the United States and elsewhere around the world amid Russia's invasion of Ukraine.
OPEC+’s decision to cut oil production last week threatens to reverse the recent downward trend in gas prices as supply becomes restrained.
US GOVERNMENT SAYS ALL AMERICANS WILL PAY MUCH MORE FOR NATURAL GAS THIS WINTER
Domestic oil production fell below 12 million barrels a day this month, more than 1 million barrels a day below November 2019 levels, prompting lawmakers to call on Biden to ramp up production at home.
"The Energy Information Administration forecasts that our country can produce a record amount of crude oil next year, helping to rein in energy prices both for our country and for our allies who benefit from U.S. energy exports," Sen. Joe Manchin, D-W.V., said in a statement last week.
A flare to burn methane from oil production is seen on a well pad near Watford City, North Dakota, on Aug. 26, 2021. (AP Photo/Matthew Brown, File / AP Newsroom)
"But this requires our energy producers to commit themselves to significant investments in support of our country’s interests," Manchin said. "Your administration must demonstrate support for these efforts not only with words but with swift actions."
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The president is reportedly planning to release an additional 10 million to 15 million barrels of oil from the Strategic Petroleum Reserve in an effort to reduce gas prices. Jean-Pierre teased that the announcement could come as soon as Wednesday.