--- title: Granholm Sees U.S. Gas Prices Dropping Further—With Caveat description: U.S. Energy Secretary Jennifer Granholm said US gasoline prices should fall further after dropping to less than $4 a gallon for the first time since March. canonical: https://time.com/6206055/u-s-gasoline-prices-dropping-further/ author: TIME article:opinion: false article:content_tier: free article:published_time: 2022-08-14T19:30:04.000Z article:modified_time: 2026-02-24T14:37:07.779Z article:section: Business og:title: Granholm Sees U.S. Gas Prices Dropping Further—With Caveat og:description: "We hope that that’s true but, again, it can be impacted by what’s happening globally,” Granholm said Sunday og:url: https://time.com/6206055/u-s-gasoline-prices-dropping-further/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltef64cfff9c2cdaaa/698a34a001168227119822a7/energy-1.jpg?branch=production&width=2400&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: White House Press Secretary Jean-Pierre Holds Daily Briefing og:type: article twitter:card: summary_large_image twitter:title: Granholm Sees U.S. Gas Prices Dropping Further—With Caveat twitter:description: "We hope that that’s true but, again, it can be impacted by what’s happening globally,” Granholm said Sunday twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltef64cfff9c2cdaaa/698a34a001168227119822a7/energy-1.jpg?branch=production&width=2400&quality=75&auto=webp&crop=16:9 ---  # Energy Secretary Granholm Sees U.S. Gas Prices Dropping Further, With Caveat by [By Michael Hirtzer and Victoria Cavaliere / Bloomberg](/author/bloomberg/) ## By Michael Hirtzer and Victoria Cavaliere / Bloomberg Aug 14, 2022 7:30 PM CUT  U.S. Secretary of Energy Jennifer Granholm speaks during the daily press briefing at the White House in Washington, DC., on on June 22, 2022. U.S. Secretary of Energy Jennifer Granholm speaks during the daily press briefing at the White House in Washington, DC., on on June 22, 2022.Drew Angerer—Getty Images by [By Michael Hirtzer and Victoria Cavaliere / Bloomberg](/author/bloomberg/) ## By Michael Hirtzer and Victoria Cavaliere / Bloomberg Aug 14, 2022 7:30 PM CUT Bloomberg — U.S. Energy Secretary Jennifer Granholm said US gasoline prices should fall further after dropping to[ less than $4 a gallon](https://www.bloomberg.com/news/articles/2022-08-11/us-average-retail-gasoline-prices-fall-below-4-gallon-aaa "undefined") for the first time since March. “We hope that that’s true but, again, it can be impacted by what’s happening globally,” Granholm said on CNN’s “State of the Union” on Sunday. Prices in the fourth quarter are expected to average $3.78 a gallon, according to an Energy Information Administration [outlook](https://www.eia.gov/outlooks/steo/ "undefined"). Granholm said that forecast should remain on track barring unforeseen “global events.” Sliding fuel costs have helped slow inflation that has run at four-decades highs this year, hitting consumer spending and prompting Republicans to hammer President Joe Biden for rising prices. The nationwide average US gasoline price [hit a record](https://gasprices.aaa.com/ "undefined") of $5.016 in June. Biden has been touting the decline in gasoline prices ahead of US midterm elections in November, where Democrats are defending a narrow House majority and a one-vote advantage in the Senate. The administration took “unprecedented steps to moderate supply and demand,” such as releasing oil from the US Strategic Petroleum Reserve, Granholm said. She pointed to the Inflation Reduction Act, a package of climate, energy, health-care and tax measures passed by Congress and awaiting Biden’s signature, that will give rebates to people buying new electric vehicles and promote charging stations. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/6206055/u-s-gasoline-prices-dropping-further/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6206055/u-s-gasoline-prices-dropping-further/"},"headline":"Energy Secretary Granholm Sees U.S. Gas Prices Dropping Further, With Caveat","datePublished":"2022-08-14T19:30:04.000Z","dateModified":"2026-02-24T14:37:07.779Z","description":"\"We hope that that’s true but, again, it can be impacted by what’s happening globally,” Granholm said Sunday","url":"https://time.com/6206055/u-s-gasoline-prices-dropping-further/","keywords":["wire"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/bltef64cfff9c2cdaaa/698a34a001168227119822a7/energy-1.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"By Michael Hirtzer and Victoria Cavaliere / Bloomberg"}],"articleSection":"Business","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/bltef64cfff9c2cdaaa/698a34a001168227119822a7/energy-1.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"White House Press Secretary Jean-Pierre Holds Daily Briefing","caption":"White House Press Secretary Jean-Pierre Holds Daily Briefing","creditText":"Drew Angerer—Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/business/","name":"Business"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/6206055/u-s-gasoline-prices-dropping-further/","name":"Energy Secretary Granholm Sees U.S. Gas Prices Dropping Further, With Caveat"}}]}] ```