The White House is optimistic that gas prices will keep falling, a top administration official said Sunday.
Energy Secretary Jennifer Granholm conceded, however, that big questions persist about global demand and its impact on domestic costs.
“We are at the whim, if you will, of what happens globally. However, this president has moved in dramatic ways to increase supply,” Granholm said on “Fox News Sunday.”
“We will be at record levels of production next year,” she said, noting the administration’s decision to tap the country’s Strategic Petroleum Reserves as well as pressure on domestic and international producers.
The nationwide average gas price is expected to dip to $3.78 per gallon in the fourth quarter, down from the current price of about $3.90, Granholm said, citing federal estimates.
Prices were around $5 per gallon in June.
Democrats have been boasting about the price drop as they fight to maintain control of Congress in this year’s midterm elections.
Granholm acknowledged there could be some challenges ahead in preventing prices from going back up, such as the impact of the Chinese economy.
“If China opens up significantly after COVID, that will be more pressure on demand. More pressure on demand means upward pressure on prices,” she said. “So we’re watching what happens globally.”
———
