Expect steep gas prices to slowly decline: Andy Lipow
Lipow Oil Associates president Andy Lipow and Seaport Securities founder Teddy Weisberg analyze ‘ugly’ housing data and what’s behind the drop in gas prices on ‘The Claman Countdown.’
Department of Transportation Secretary Pete Buttigieg was criticized earlier this week for suggesting that higher prices at the pump were actually beneficial for transitioning to electric vehicles. But Buttigieg appeared to sing a different tune on Thursday by touting a decline in gas prices.
"Good morning! Gas prices are going down," Buttigieg tweeted.
The national average gas price, as of Thursday, was around $4.40 — down from about $4.60 a week prior, and around $4.97 a month before that. Still, the national average remained significantly higher than from a year ago at $3.16. The price of gas on Jan. 20, 2021 — the day President Biden took office — was about $2.39.
Buttigieg has repeatedly been slammed for his comments on electric vehicles, suggesting he was out of touch with the average American who can’t afford the luxury.
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During an interview on a radio program last week, Buttigieg said the Biden administration was trying to cut the cost of electric vehicles "because when you have an electric vehicle, then you’re also gonna be able to save on gas, but you’ve got to be able to afford it in the first place."
And while testifying earlier this week before the House Transportation and Infrastructure Committee, Buttigieg said: "The more pain we are all experiencing from the high price of gas, the more benefit there is for those who can access electric vehicles."