The average price for a gallon of gasoline slipped again on Sunday remaining below the $5 threshold for a second day.
Gas reached $5 a gallon a week ago.
The price declined by a fraction to $4,983, according to AAA. The price on Saturday fell below the $5 threshold at $4,989.
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Diesel continues its record run now at $5,816 up from $5,811.
Oil prices tumbled about 6% to a four-week low on Friday on concerns demand will slump 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 drop for US crude in eight weeks.
President Biden has been facing a flood of criticism lately for a lack of executive action aimed at curbing inflation. On higher gas prices, the President has pivoted between blaming Russian President Vladimir Putin for his invasion of Ukraine and oil company’s profit motives.
ExxonMobil fired back at biden after he threatened them with “emergency powers” if they don’t boost supply to temper surging gas prices.
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in a statement released Wednesday from the company, ExxonMobil said it has been in regular contact with the administration providing updates on how it has been investing “more than any other company to develop US oil and gas supplies.”
GAS PRICES HIT $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES
The White House is reportedly floating the idea of gas rebates for US residents due to record gas prices.
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A White House official FOX Business told that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.
FOX Business’ Bradford Betz, Edward Lawrence and Timothy Nerozzi contributed to this report.