Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.
Oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the U.S. and allies announced sanctions against Russian oil over Russia’s war against Ukraine.
High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.Republicans blame President Joe Biden for the high gasoline prices, seizing on his decisions to cancel a permit for a major pipeline and suspend new oil and gas leases on federal lands.
Exxon said it has increased oil production. The CEO of Chevron said Biden was trying to vilify his industry.
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