Americans grappling with historic levels of inflation are finally getting some relief where they need it most: Previously-booming energy prices.
After a relentless rise, prices at the pump are heading south. The national average price for a gallon of regular gas fell to a seven-week low of $3.35 a gallon on Tuesday, according to AAA. The outlook for home heating costs this winter is also improving significantly. Natural gas futures been nearly cut in half over the past two months. Natural gas plunged by more than 11% on Monday, its worst day in nearly three years.
and Putin,' Big Oil CEO saysEnergy sticker shock has been one of the biggest drivers behind the 31-year high in inflation. Cooling energy prices, if they last, could take significant inflationary pressure off the US economy and inspire confidence among bummed out consumers."This is going to help consumers considerably," Robert Yawger, director of energy futures at Mizuho Securities, said referring to the plunge in natural gas futures.
and Russia will pump more oil in January despite price plunge "We are seeing the response of an efficient natural gas market to prices that were perceived as inordinately high," the American Gas Association, an industry trade group, told CNN in a statement. Unlike Europe, the United States produces enough natural gas at home that it is able to export significant amounts everyday overseas in the form of LNG, or liquefied natural gas.
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