White House Economic Adviser On Gas Prices: ‘This Is No Victory Lap’

White House Economic Adviser Jared Bernstein said Wednesday that falling gas prices are “no victory lap” as the administration struggles to quell concerns about an impending recession.

Bernstein said that despite gas prices slowly coming down, it doesn’t mean Americans can necessarily breathe a sigh of relief.

“I wanted to ask you about gas prices, if they do continue to fall, do you think with that, this element of this crisis is over? Can Americans breathe easy now that this marker of inflation that people feel so much, that it won’t spike again?” Kate Bolduan asked.

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“Let me be unequivocal about that, this is no victory lap, this is no ‘all these concerns are behind us,’ this is not at all ‘hey we used to have inflation and now its fine,’ far from it. When the President says inflation is unacceptably high, he means it,” Bernstein said. “But, look, part of what we’re trying to do is present all of the information. When it looks good we’re gonna talk about that and when it looks bad, we’re gonna be straightforward about that too.”

The national average for regular gas is currently $4.302, according to AAA. President Joe Biden, however, claimed gas prices are under $4 per gallon in a video Tuesday. (RELATED: The White House Is Already Trying To Take Credit For Falling Gas Prices. Here’s Why That’s Malarkey)

Prices for a gallon of gas hit $5.01 in June, marking the highest-ever recorded average price by AAA. The Biden administration has frequently blamed Russian President Vladimir Putin for rising gas prices.

Bernstein said that gas prices going down slightly is a “little bit of much needed breathing room” but that the administration has more work to do.

Biden has attributed the slight decrease in gas prices in part to the tapping into the Strategic Petroleum Reserve. There is speculation, however, that the drop in prices could have to do with fears of a global recession.