Gasoline prices have been rising since he entered office, but President Joe Biden got it right when he said in Michigan that the domestic price of gasoline had fallen back to where it was before Russia invaded Ukraine.
Presidential policy is only one determinant of gas prices, and a small one at that, experts say.
Gas prices initially rose on Biden’s watch because of the recovery after the worst of the coronavirus pandemic. As economic activity, commuting and travel rebounded, demand for fuel beyond global supplies increased. Biden first withdrew crude oil from the federal government’s Strategic Petroleum Reserve in November 2021, three months before Russia’s invasion. He ordered additional withdrawals since the start of the war. These withdrawals have increased the amount of supply, but only marginally, because crude oil operates on a global market to which all oil producers contribute.
Western nations have sought to reduce their purchases of Russian crude oil as punishment for its war in Ukraine, and that has hampered supply. Other major oil producers, such as Saudi Arabia, have resisted requests to increase production to fill the void. In all, this has kept the global price of crude high by historical levels, even though the price has fallen since its peak in the summer.
All told, prices at the pump remain 48% higher than when Biden entered office. Around the time of his January 2021 inauguration, a gallon cost $2.39. Gasoline prices hit a low of $1.79 under then-President Donald Trump when the pandemic shutdowns were crushing the economy in May 2020. Prices rose for the remainder of Trump’s term and into Biden’s.Gas prices didn’t start increasing with the onset of the war, but the most recent weekly price data shows the cost of a gallon of gasoline at $3.
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