The average price for a gallon of gasoline slipped back below the $5 threshold for the first time since hitting that milestone a week ago.
The price declined slightly Saturday morning to $4.989, according to AAA. The price on Friday was $5.00.
Diesel continues to set records, now at $5.811 up from $5.798 on Friday.
Oil prices tumbled about 6% to a four-week low on Friday on concerns demand will slump as interest rate hikes by central banks will slow the economy.
The price of U.S. West Texas Intermediate (WTI) crude fell $8.03 to settle at $109.56.
It was the first weekly drop for U.S. crude in eight weeks.
President Biden has been facing a flood of criticism lately for a lack of executive action aimed at curbing inflation. On higher gas prices, the president has pivoted between blaming Russian President Vladimir Putin for his invasion of Ukraine and oil company’s profit motives.
ExxonMobil fired back at Biden after he threatened them with “emergency powers” if they don’t boost supply to temper surging gas prices.
In a statement released Wednesday from the company, ExxonMobil said it has been in regular contact with the administration providing updates on how it has been investing “more than any other company to develop U.S. oil and gas supplies.”
The White House is reportedly floating the idea of gas rebates for U.S. residents due to record gas prices.
A White House official told FOX Business that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.
FOX Business’ Bradford Betz, Edward Lawrence and Timothy Nerozzi contributed to this report.