Power the Future Executive Director Daniel Turner joins ‘Kennedy’ to weigh the US domestic oil supply and President Biden’s plans to travel to Saudi Arabia.
The average price of a gallon of gasoline slipped below the $5 mark for the first time since hitting that milestone a week ago.
According to AAA, the price edged back slightly to $4,989 as of Saturday morning. The price on Friday was $5.00.
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Diesel continues to set records, now at $5.811 versus Friday’s $5.798.
The price of a gallon of regular gasoline slipped below $5.
Oil prices fell about 6% to a four-week low on Friday amid concerns that demand will collapse as central bank rate hikes slow the economy.
US West Texas Intermediate (WTI) crude oil fell $8.03 to $109.56.
EXXONMOBIL STRIKES BACK AFTER BIDEN THREATS ENERGY PRODUCERS
It was the first weekly decline for US crude in eight weeks.
Pump gas (iStock / iStock)
President Biden has faced a barrage of criticism lately for his lack of executive action to curb inflation. On higher gas prices, the President has alternated between blaming Russian President Vladimir Putin for his invasion of Ukraine and the oil company’s profit motives.
ExxonMobil fired back at Biden after threatening them with “emergency powers” if they don’t increase supply to mitigate soaring gas prices.
WHITE HOUSE CONSIDERING SEND GAS DISCOUNT CARDS TO AMERICANS: REPORT
In a company statement released Wednesday, ExxonMobil said it is in regular contact with the government and providing updates on how it has invested “more than any other company in developing the U.S. oil and gas supply.”
Gas prices can be seen on an Exxon Mobil gas station sign. in Houston, Texas. (Brandon Bell/Getty Images/Getty Images)
NATIONALLY GAS PRICES REACH $5 FOR THE FIRST TIME IN OVER 2 DECADES
The White House is reportedly mulling the idea of gas rebates for US citizens due to record gas prices.
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A White House official told FOX Business that the administration has not ruled out the distribution of gas discount cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet on gas now priced at luxury commodity levels.
Bradford Betz, Edward Lawrence and Timothy Nerozzi of FOX Business contributed to this report.