Small businesses are getting some relief at the pumps this week as gas prices fell ever so slightly in the last week.
The price of diesel currently stands at $3,620 per gallon, also down slightly from last week’s average of $3.640.
Gas prices have been rising steadily in recent months before finally levelling off and then slowly declining.
Gas Prices Drop 3.5 Cents in a Week
Speculation is circulating as to why gas prices have fallen. One potential explanation is President Biden’s move to lower energy costs by releasing 50 million barrels of oil from the nation’s emergency stockpile.
In November, the White House announced 32 million barrels will be released from the Strategic Petroleum Reserve over the next few months. An additional 18 million barrels of oil will also be released in coming months, which Congress authorized for sale.
Small Business Feeling the Impact of High Gas Prices
In a statement, the White House said: “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic.
“That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”
Biden has also called on nations that produce oil such as Saudi Arabia and the UAE to increase production as a means of providing relief to American consumers. Such nations however declined the request to pump more oil, leaving Biden with little option but to lower gas prices.
Five Most Expensive States for Gas – Dec. 6, 2021
The AAA Gas Prices website also listed the current average price of gas in every state. The most expensive states for gas as of December 6, based on the average price per gallon, are:
- California – $4.689
- Hawaii – $4.334
- Nevada – $3.917
- Washington – $3.871
- Oregon – $3.782
Five Cheapest States for Gas – Dec. 6 2021
The cheapest states for gas as of December 6, based on the average price per gallon, are:
- Kansas – $2.990
- Oklahoma – $2.919
- Texas – $2.949
- Arkansas – $2.977
- Missouri – $2.982
The small reduction is the price of gas may offer some light relief to businesses, especially those which operate fleets and require hefty amounts of petrol or diesel.
Knowing which states are selling the cheapest and most expensive gas will also help businesses make important savings.
This article, “Small Businesses Get Some Relief at the Pump as Gas Prices Come Down Slightly” was first published on Small Business Trends