• Home
  • Archive
  • Media Kit
  • Contact Us
  • May 16, 2025

The Madison Times

The Paper That's More Than Black and White

  • News
    • Local News
    • National News
    • International News
    • Sports News
    • Education News
  • Columns
    • Columnists
    • Editorials
    • Letters to the Editor
    • Life Lessons with Alex Gee
  • Events
  • Health
  • Finance
  • Lifestyle
  • Classifieds
  • Community
    • Middle Spread
  • Milwaukee

Share this:

  • Tweet
  • Click to email a link to a friend (Opens in new window) Email
  • Click to print (Opens in new window) Print

Gas Prices Have Fallen for the Last Seven Weeks

August 6, 2022

By Karen Stokes

Bharat Ramamurti, Director of the National
Economic Council. (Photo/Reuters)

If you’ve been to the gas pumps lately, you may have noticed a dip in gas prices.

“Gas prices have been coming down. If you look at the national average data, they’ve come down 80 cents a gallon in the last seven weeks. The average price is below $4,” said Bharat Ramamurti, Director of the National Economic Council.

According to the latest data from the Energy Information Administration (EIA), gas demand increased in recent weeks while inventory levels dropped, which could pressure pump prices and slow price decreases if the trend holds. Yet for now, prices continue to drop, said AAA.

“To predict the future is difficult, there’s a lot of things that can affect globally the price of oil, but if you look at expert projections about the price of gas in the U.S. a lot of experts are predicting that gas prices will continue to go down for the next several weeks,” said Ramamurti.

Since the beginning of the war in Ukraine, gas prices have increased. Both Russia and Ukraine are big oil producing nations and the war has had an impact on global oil supply.

Gas prices have gone down an average of 80 cents in the last seven weeks
(Photo/Karen Stokes)

“The President ordered the single largest release of oil from the strategic petroleum reserve, 180 million barrels of oil,” Ramamurti said.

A recent report found that action alone by the President helped bring the prices down by about 40 cents a gallon.

“Since the President took office we learned unexpected things happen and it can have an effect on our economy. I don’t think anyone would have predicted that Russia would have invaded Ukraine which caused all sorts of chaos globally in financial markets,” Ramamurti said.

The question many have asked is, are the gas prices an indication of a recession in the future?

“Where we sit right now, if you look at how our households are doing, our consumers feel comfortable spending money. Businesses feel good about putting out a big investment, creating new factories and hiring new workers. The answer to all this is, that’s not what you typically see in a recession,” Ramamurti said.

Share this:

  • Tweet
  • Click to email a link to a friend (Opens in new window) Email
  • Click to print (Opens in new window) Print

Popular Interests In This Article: Bharat Ramamurti, Gas Prices, Karen Stokes

Read More - Related Articles

  • Wisconsin Senate Passes Bill to Extend Medicaid Coverage for New Mothers
  • Milwaukee News Company Secures Partnership with Amazon
  • Milwaukee County Transit System Hits the Runway Celebrating 414 Day
  • Milwaukee’s Fresh Coast Jazz Festival Blends World-Class Talent and Community Impact
  • Milwaukee Common Council Approves $600,000 for Participatory Budgeting Program


Connect With Us

Become Our Fan On Facebook
Find Us On Facebook


Follow Us On Twitter
Follow Us On Twitter

Editorials

Karma Chavez
Amanda Zhang
Julianne Malveaux
Benjamin Chavis
George Curry

Journalists

Jacklin Bolduan
Brianna Rae
Aarushi Agni
Rob Franklin
Claire Miller

Topics

Brown Girl Green $
Young Gifted & Black
Universally Speaking
Ask Progress
Civil Rights

Topics

Police Shooting
Police Brutality
Black Lives Matter
NAACP
Racism

Politicians

Barack Obama
Hillary Clinton
Gwen Moore
Paul Soglin
Scott Walker

Contact Us

Phone:
414-449-4860

Copyright © 2025 Courier Communications. All Rights Reserved.
We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.