Politico - Falling gas prices blunt Republican campaign attacks

July 28, 2022 – Politico

Falling gas prices blunt Republican campaign attacks

By Ben Lefebvre

For now, the decrease in energy prices may offer Democrats a respite from GOP attack ads on inflation.

The U.S. benchmark oil price is forecast to fall to an average of $90 a barrel for the second half of this year compared with $101.35

in the first half, RBN Energy analyst John Auers said. This would drag gasoline prices lower than they are now, barring a major upset in oil markets already roiled by factors including supply chain crunches and the Russian war in Ukraine.

“We had several rocks thrown in the pond earlier this year,” Auers said in an interview about the disruptions to the oil markets. “The ripples have subsided, though someone could throw another rock.”

The Biden administration has sought to blame high gasoline prices on Russian President Vladimir Putin and on oil companies’ profiteering. But the reasons are more complicated, according to market analysts.

Read the full article here: https://www.politico.com/news/2022/07/28/falling-gas-prices-democrats-00048000