Saudi Press

Saudi Arabia and the world
Saturday, Jul 12, 2025

Joe Biden Is Smiling: Gas Prices Are Finally Going Down-Very Slightly 

Joe Biden Is Smiling: Gas Prices Are Finally Going Down-Very Slightly 

Despite hopes that gas prices would slide once summer turned to fall, the average gas price in the United States has actually continued rising for the last few months, along with the worldwide price of oil.
A report this week, however, sees a small silver lining.

According to AAA, the national average gas price actually dropped by one cent to $3.41 a gallon. It’s far from a significant drop, but a drop it is.

“According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week,” AAA said on its website. “Gasoline demand also dropped from 9.5 million b/d to 9.26 million b/d. The decrease in demand has contributed to some price relief at the pump for drivers. However, pump prices will likely remain elevated as long as oil prices are above $80 per barrel.”

The report added that “the total domestic crude supply is still down 11 percent compared to the previous year at this time, putting elevated price pressure on crude.” As for individual states, Michigan saw an increase in the average price of eleven cents, Arizona a rise of eight cents, and California a rise of three cents, since the previous Thursday.

On Monday, the Labor Department released its latest measure of the consumer price index (CPI), finding that it had risen 6.2 percent year over year, per CNBC. This represented the highest increase since 1990 and was ahead of analyst estimates of 5.9 percent.

Prices of gasoline increased the most of anything measured in the CPI, jumping 12.3 percent for the month and 59.1 percent year over year, per CNBC’s interpretation of the data.

“Inflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures,” Seema Shah, chief strategist at Principal Global Investors, told CNBC.

Following the CPI announcement, a piece in the publication the Intercept laid the price of gasoline, and therefore inflation itself, at the feet of a single person: Saudi Crown Prince Muhammad bin Salman, better known as MBS.

The argument goes that MBS has encouraged OPEC to withhold oil production as a punishment to the Biden Administration for their “increasingly standoffish attitude toward the kingdom,” which has included withdrawing support of the Saudi war in Yemen.

The Trump Administration, by contrast, had cultivated the Saudi regime, making Riyadh Trump’s first foreign trip in 2017, and looking the other way when MBS was widely believed to have orchestrated the assassination of Jamal Khashoggi, a dissident journalist who lived in the United States and wrote for the Washington Post.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
×