The president said it would act as a “wartime bridge” as United States and global oil production ramps back up after the coronavirus pandemic.
According to AAA, the average price of gas in Florida is now $4.19 per gallon, down from a record high of $4.37 on March 11. But it’s still up sharply from $2.85 a year ago.
Experts with GasBuddy say prices could go down as early as Friday.
“It will take probably until the weekend to start seeing more downdraft at the pump nationally,” GasBuddy spokesperson Patrick De Haan told the TODAY Show.
President Biden suggested gas prices could drop “anything from 10 cents to 35 cents a gallon.”
Experts say if this plan goes through, it’s unknown how long gas prices would stay down but it could be into the summer.