A CNN Business article published Friday directs Americans to view the mild decline in gas prices as “a $100-a-month raise,” even though the national average for a gallon of regular is still a whopping $3.92, per the American Automobile Association.
In the piece titled “America just got a $100-a-month raise,” CNN Business’s senior writer Chris Isidore wrote:
The steady drop in gas prices over the last few months has turned into an unexpected form of economic stimulus, coming at a time when the Federal Reserve is trying to cool the economy and battle rising prices with higher interest rates.
Since hitting a record of $5.02 a gallon on June 14, the national average price for regular gas is down $1.10, or 22%, to $3.92, according to AAA. That average has now fallen for 67 consecutive days.
Since the typical US household uses about 90 gallons of gas a month, the $1.10 drop in prices equals a savings of $98.82.
The current average is still $1.54 higher than the last full day of former President Donald J. Trump’s term in January 2021 when it hovered at $2.38 per gallon. Going by the average household use of 90 gallons per month that Isidore cited, gas is still costing American families $138.60 more per month since the start of Joe Biden’s presidency.