Granholm, Energy Secretary, is cautiously optimistic that falling gas prices will continue to

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The Department of Energy Secretary Jennifer Granholm was cautiously optimistic Sunday about the continued decline in gasoline prices, but she warned that other factors could cause an increase in demand.

The average cost of a gallon regular gasoline was $3. 90 was $1 lower as of Sunday according to AAA. 12 from its all-time high of $5. 02 in June but still 73 cents higher than one year ago. Ms. Granholm predicted average prices will bottom out in the final three months of the year at around $3.78.

” They’ve fallen on every day this summer. She said that they are hopeful that this trend will continue. Higher demand will lead to higher prices .”

Ms. Granholm, who has faced sharp criticism from Republicans over the administration’s anti-fossil fuel rhetoric, also predicted “record” domestic oil production next year with around 12.7 million barrels per day by the end of 2023, up from less than 12 million.

The President Biden called for Big Oil to increase production while accusing corporations price-gouging customers. These charges have been fiercely denied by the oil industry.

Ms. Granholm praised Mr. Biden’s efforts to reduce fuel prices, which included the release by the Administration of over 200million barrels of crude oil from the Strategic Petroleum Reserve. She also stressed that Russia’s conflict with Ukraine has contributed to a worldwide shortage of supply.

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” It’s all about the supply and demand. Russia’s invasion of Ukraine took millions off the world market in oil. She said that oil can be traded worldwide, so we must make up the difference. The president called for an increase in the releasing of oil and an increase in production .