The average price of a gallon of gasoline fell back below $5 for the first time since hitting that milestone a week ago.
The price fell slightly on Saturday morning to $4.989, according to AAA. Friday’s price was $5.00.
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Diesel continues to set records, now at $5.811 from $5.798 on Friday.
Oil prices fell about 6% to a four-week low on Friday on fears that demand could collapse as interest rate hikes by central banks will slow the economy.
The price of US West Texas Intermediate (WTI) crude fell $8.03 to settle at $109.56.
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It was the first weekly decline for U.S. crude in eight weeks.
President Biden has faced a barrage of criticism lately for a lack of executive action to curb inflation. On the rise in gasoline prices, the president oscillated between blaming Russian President Vladimir Putin for his invasion of Ukraine and the profit motives of the oil company.
ExxonMobil fired back Biden after threatening them with “emergency powers” if they do not increase supply to temper soaring gas prices.
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In a statement released on Wednesday of the company, ExxonMobil said it is in regular contact with the administration to provide updates on how it is investing “more than any other company to expand America’s oil and gas supply.”
GASOLINE PRICES REACH $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES
The White House reportedly floated the idea of gas discounts for US residents due to record gasoline prices.
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A White House official told FOX Business that the administration has not ruled out giving out gas discount cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet on fuel now priced at a luxury item.
Bradford Betz, Edward Lawrence and Timothy Nerozzi of FOX Business contributed to this report.