Experts warn gas prices could take weeks to go down as Biden taps into oil reserves
U.S. and international gas prices moved lower Friday following President Biden's announcement that he will release 1 million barrels of oil from the Strategic Petroleum Reserve every day through October to combat rising gas prices and inflation.
Oil analyst Tom Kloza told CBS News that while drivers will see a modest dip in prices, they aren't plunging anytime soon.
"I think we get a little bit of relief here in April and May, but for Memorial Day to Labor Day, unfortunately, we see very lumpy demand and we see it lumpy on the high side," Kloza said.
Connecticut suspended its 25-cent state tax on gas Friday. State lawmakers said the move will save people around $3 when they fill up. It's a move that other states could look into doing as well.
Across the country, the national average for a gallon of gas is currently $4.21, according to AAA.
But Patrick De Haan of the fuel data website GasBuddy says the so-called tax holidays could actually drive up prices overall.
"Sheltering Americans from the consequences of high price could induce more gasoline consumption and it could cause gas prices to go up more dramatically," he said.
The city of Chicago became the latest city to give away free prepaid gas and transit cards to address the soaring prices.
Energy experts tell CBS News given how globally vast the supply chain is, it will take at least a few weeks for consumers to see even those modest price decreases.
"I used to go where I wanted to go, Now I go where I have to go," one driver said.