Amos Hochstein told CBS’ “Face the Nation” host Margaret Brennan he expects the national average of $4.53 per gallon to come down and inch closer to $4 per gallon in the coming weeks.
Hochstein, the senior adviser of energy security to the Biden administration, said many gas stations were already selling has at less than $4 per gallon.
“This is the fastest decline rate that we’ve seen against a major increase of oil prices during a war in Europe, where one of the parties in the war is the third-largest producer in the world,” said Hochstein, referring to Russia. “These are extraordinary circumstances.”
President Biden has seen his overall job approval ratings fall below 40 percent as Americans face record-high gas prices and the highest overall inflation in decades.
Biden is releasing one million barrels of oil a day from a national stockpile to help ease prices and has called for Congress to suspend the federal gas tax, though the request has gained little traction.
Last week, the president traveled to Saudi Arabia, an influential member of the oil-producing alliance OPEC+, to discuss efforts to stabilize the global energy market.
While he did not secure an immediate deal to increase production, Biden said he was optimistic that negotiations in the coming weeks would be fruitful.
Hochstein said on Sunday that OPEC has room to produce more oil.