Gas prices tumble below $4 for the first time in months - CNN

"That's meaningful savings people are going to feel in their lives," Deese told CNN in a phone interview.

Deese said the White House has been tracking gasoline prices and energy supplies "very closely" and added that prices should continue slipping.

"Pricing in the market today suggests we should see prices at the pump fall a bit more," he said.

In late March, the White House announced the release of 1 million barrels a day from the Strategic Petroleum Reserve for six months.

US crude oil prices have fallen sharply from a peak above $120 a barrel in June to around $92 a barrel on Thursday, helped by an easing of the global supply crunch.

In a report released Thursday, the International Energy Agency revised up its outlook for global oil supply, partly because Russia has continued to pump more oil than expected.

"While Russia's exports of crude and oil products to Europe, the US, Japan and Korea have fallen by nearly 2.2 [million barrels per day] since the start of the war, the rerouting of flows to India, China, Türkiye and others, along with seasonally higher Russian domestic demand has mitigated upstream losses," the Paris-based agency said.