The third quarter GDP report showed some improvements in the nation’s economy. President Biden issued a statement on the report that stated it was “further evidence that our economic recovery is continuing to power forward.” “This is a testament to the resilience of the American people,” the President said.
Chair of the Council of Economic Advisers, Cecilia Rouse echoed the President’s comments in a call with AgNet Media.
“The U.S. economy is estimated to have grown about 2.6% in the third quarter of 2022, which suggests that our economy continues to grow even with the sad attempt to address inflation,” she said. “What we learned is consumer spending continues to remain robust, so consumers continue to spend. Businesses are continuing to invest. A lot of the growth came from exports, so our manufacturers and others are exporting.
In his statement, President Biden also commented on the falling gas prices. He said, “even with our historic economic recovery, gas prices are falling – down $1.26 since the summer, and down over the last three weeks,”
“Now, we need to make more progress on our top economic challenge: bringing down high prices for American families. Even with our historic economic recovery, gas prices are falling – down $1.26 since the summer, and down over the last three weeks,” he continued. “The most common price at gas stations in America today is $3.39 a gallon. That is progress, but we need to do more to bring other prices down as well. My Administration has passed laws that will bring down prescription drug prices and health insurance premiums starting next year. We must do more.”
However, much like when the gas prices were rising, the falling gas prices are not the product of politics. The lower prices are due to a few primary reasons: Russia’s attack on Ukraine lowered supplies; Several refineries that were offline are now back online; and the high demand of summer has changed along with the weather to the cooler fall trends. We drive less in the cooler months, causing demand to go down and prices to follow.
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Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet Weekly podcast. Sabrina is a native of California’s agriculture-rich Central Valley.