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Falling gasoline prices put a dent in the July inflation rate, which fell to 8.5% from 9.1% in June. But other costs such as housing continue to climb, putting a strain on many family budgets.
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The average price of gasoline nationwide is expected to drop below $4 a gallon in the coming days as prices continue to fall from the record highs hit in June.
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The president will isolate through Tuesday, and if he tests negative, at that point he could resume a normal schedule on Wednesday. He has continued to work since testing positive on Thursday.
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President Biden met with Mexico's Andrés Manuel López Obrador a month after the Mexican president boycotted a regional summit. Biden's public remarks were brief. López Obrador — not so much.
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The proposal brought immediate backlash from environmentalists who accused Biden of betraying the climate cause, while oil industry officials said it would do little to counter high energy prices.
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Oil refineries have lost capacity over recent years, making it nearly impossible to increase supply and stabilize gas prices at the pump.
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Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.
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Gas prices are finally dropping a bit after topping $5 per gallon, but the president says he's still considering suspending the federal gas tax, which could save Americans up to 18.4 cents per gallon.
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The drop doesn't signal a rapid descent to the low prices of 2021, but drivers could see modest decreases continue in the coming weeks, analysts say.
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Across the globe drivers are rethinking their habits and personal finances amid skyrocketing prices for gasoline and diesel.