California sees meager drop in gas prices this week

in Around California

(STACKER) — The average U.S. gas price as of Monday tumbled six cents from last week, following President Joe Biden’s release of 1 million barrels of oil per day for the next six months from the country’s Strategic Petroleum Reserve.

While a six-cent-savings at the pump might feel like a major win, it’s not exactly $2.3 billion back in your pocket. Skyrocketing oil prices over the last month have greatly benefited oil companies, with ExxonMobil announcing Monday that the company will post a massive profit increase in the first quarter of 2022: up to $2.3 billion on oil alone.

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