White House touts month of declining gas prices

The White House on Monday touted a 34-day drop in gas prices nationwide, calling it one of the fastest declines in fuel prices in a decade.

Jared Bernstein, White House Economic Adviser said “At current prices, the average American driver will spend about $25 per month less on gasoline than they would have if prices had stayed at their June peak. Economy-wide, that means American drivers are saving around $190 million each day from lower gas prices. And since gasoline prices affect the prices of other goods and services through transportation costs, food is a good example, both households are drive, and households don't yield some benefit from lower gasoline prices.”

Bernstein said barring any unforseen market conditions, he expects the trend to continue and the nation to "see average prices fall below $4 per gallon in more places in coming weeks." According to an industry analyst, around 20,000 gas stations across over 30 states are now charging less than $4 per gallon.