Rockford gas prices drop to $4.05 per gallon

ROCKFORD, Ill. (WTVO) — Gasoline prices in the Rockford area are down for the third week in a row.

A gallon of gasoline now costs an average of $4.05, still higher than the national average of $3.72.

Such low prices have not been seen since September.

Also, after weeks of price hikes, the national average diesel price fell to $5.28 per gallon.

President Joe Biden on Monday raised the possibility of a “windfall tax” on energy companies if they fail to increase domestic production as his administration seeks to combat high gas prices in the days before the by-elections.

“Oil companies made billions in profits this quarter,” Biden tweeted on Saturday. “They are using these record profits to pay off their wealthy shareholders instead of investing in manufacturing and lowering costs for Americans. This is unacceptable. It’s time for these companies to lower the prices at the pump.”

High gas prices have worsened inflation and badly damaged the credibility of Biden and the Democrats among voters.

Exxon Mobil broke third-quarter profit records last week with $19.66 billion in net income, while Chevron reported $11.23 billion in profit, nearly matching the record profits it set in the previous quarter.

Americans have struggled with extremely high gas prices in recent months, paying an average of more than $4.80 a gallon for regular gasoline in early July, according to AAA. They have since fallen to a national average of $3.76, but the White House says they should be lower given the drop in global oil prices over the same period.

The Associated Press contributed to this report.