(NewsGlobal.com)- The 19fortyfive reports that analysts have been wondering how high gas prices could go since the national average reached $5 per gallon in June.
JPMorgan analysts said prices could easily top $6 per gallon by August, warning supplies would stay low and the international market would grow more unstable as the Ukraine crisis unfolds.
Recently, prices have fallen. The national average cost of a gallon of gas has lowered more than 50 cents in the last month. According to the AA, gas prices are below $4 in 10 states and $4.36 nationally.
The Biden administration has spent weeks highlighting the decline in gas prices as Democrats fear losing at least one chamber of Congress in November.
The recent reduction in gas prices is one of the fastest in over a decade, the White House tweeted on July 24.
“The Biden-Harris proposal to decrease family expenditures is helping Americans.”
In July 22 speech, the president claimed recent price cuts imply a typical two-driver household will save $60 per month, providing prices don’t soar again.
The Biden administration’s skillfully phrased remarks brush over the fact that gas prices remain historically high. It’s simpler for gas prices to decline after rising at a record rate.
The White House uses language tactics to present a more favorable picture of the economy amid rising prices of gasoline, food, and consumer goods. CNN pushed back on the president’s claim that the U.S. was not in a recession on Monday, as data showed the GDP dropped for two straight quarters.
Top economists have defined a recession as two consecutive quarters of GDP loss, but White House officials say additional variables must be considered before declaring a recession.
CNN presenter Kasie Hunt stated she sees the political motivation, but you “can’t fake this!”
Voters will vote based on their real-world experiences in November.
No matter how much gas prices decrease in the next four months – and they won’t reach pre-Biden levels – President Joe Biden and his team have framed the situation as favorable. In May, the president termed rising gas prices an “amazing transition” to electric vehicles.
State Department staffer Alan Eyre attracted heat this week for praising increased gas prices in a tweet to President Biden.
Eyre tweeted, “I love high gas prices — less driving, less CO2.”
If gas prices fall somewhat and the Biden administration continues to promote electric vehicles, it might hurt the Democrats in November.