U.S. and international gas prices fell on Friday after President Biden announced he would release 1 million barrels of oil from the United States. Strategic oil reserve every day until October to combat rising gas prices and inflation.
Oil analyst Tom Kloza told CBS News that while drivers will see a modest drop in prices, they will not fall soon.
“I think we have some relief here in April and May, but for Memorial Day on Labor Day, unfortunately, we see very strong demand and we see it very high,” Kloza said.
Connecticut suspended its 25-cent state gas tax on Friday. State lawmakers said the measure will save people about $ 3 when filled. It is a movement that other states could also study.
Nationwide, the national average for a gallon of gasoline is currently $ 4.21, according to AAA.
But Patrick De Haan, of the GasBuddy fuel data website, says so-called tax breaks could drive up prices in general.
“Protecting Americans from the consequences of high prices could lead to higher gasoline consumption and could make gasoline prices rise more dramatically,” he said.
The city of Chicago became the last city to give away free prepaid gasoline and traffic cards to cope with rising prices.
Energy experts tell CBS News that given the large global reach of the supply chain, it will take consumers at least a few weeks to see even these modest price declines.
“I was going where I wanted to go, now I’m going where I need to go,” one driver said.
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