Why gas prices are 'unlikely' to fall under $3 per gallon

National average for gallon of gasoline is $3.338

Daniella Genovese FOXBusiness

 

The average price for a gallon of regular gasoline in the U.S. is unlikely to dip under $3 following news that vaccines may be effective against the omicron variant of the coronavirus, according to one industry expert. 

 

The average price is $3.338 a gallon, up from $2.158 a year ago, according to the AAA. 

"It seems like there is some optimistic news that previous vaccines may be effective against the variant," De Haan told FOX Business. "As a result, the wholesale price of gasoline has rebounded."

Previously, De Haan estimated that prices could decline under the $3 mark because of anxiety surrounding the omicron variant. 

By Wednesday afternoon, the Centers for Disease Control and Prevention (CDC) recorded 43 cases in 19 states. More than three-quarters of those patients had been vaccinated, and a third had boosters. However, nearly all of them were only mildly ill, CDC Director Rochelle Walensky, said.

Manchin Reportedly 'Stunned' by CBO's New Score for Build Back Better if Programs Made Permanent

Leah Barkoukis / Townhall Tipsheet

 

The Congressional Budget Office on Friday released a revised score for President Biden’s Build Back Better agenda, the reconciliation package loaded with social spending measures.

The new analysis, which comes at the request of Sen. Lindsey Graham and Congressman Jason Smith, looks at the trust cost of the legislation if sunset clauses are removed from major provisions.

According to the CBO’s estimates, the legislation would “increase the deficit by $3 trillion over 2022 to 2031.”

That amount includes three components: effects usually counted in CBO’s cost estimates, the effects of increased resources for tax enforcement, and effects on interest on the public debt. Under long-standing guidelines agreed to by the legislative and executive branches, estimates to be used for budget enforcement purposes include the first component but not the second and third. Read more and see video here.