The national average price of a gallon of gas has doubled since President Biden took office in January 2021 – a dubious milestone for the administration as it scrambles to tamp down inflation ahead of the upcoming midterm elections.
The national average hit a record $4.86 per gallon on Monday, according to AAA data. The staggering sum is more than twice as high as the average price on Jan. 20, 2021, when the national average cost of a gallon was $2.39.
The recent surge of gas prices has provided fresh fodder for Republicans and other critics who argue Biden’s energy policies have contributed to economic pain for ordinary Americans.
“Joe Biden’s war on American energy has forced families across the country to empty their wallets to fill their tanks. Unfortunately, Biden is doubling-down on his disastrous agenda because he’s not the one paying the price – the American people are,” Republican National Committee Chair Ronna McDaniel said in a statement.
The embattled Biden is tasked with stabilizing gas prices for a global energy market that was already struggling to meet surging demand as economies recovered from the COVID-19 pandemic. The Russia-Ukraine war has exacerbated supply chain woes by further impacting shipments.
Biden has attempted to shift blame for the gas crisis to Russian President Vladimir Putin, arguing the Kremlin’s brutal invasion of Ukraine is most responsible for the price increases. So far, the administration’s attempts to lower prices, such as a release of oil from the strategic reserve, has proven ineffective.
Earlier this year, experts told The Post that Biden could immediately lower gas prices by signaling an end to onerous regulations targeting US energy firms. Oil producing US firms have less incentive to increase output while facing heavy regulations and costs.
Current gas prices are more than 50 cents higher than they were just one month ago and nearly $2 higher than they were one year ago. In California, the statewide average has already ballooned to well over $6 per gallon, with some stations charging even higher prices for motorists to fill up their tanks.
Oil prices, a key input for prices at the pump, hit $118 per barrel on Monday, according to the US crude oil benchmark.
“People are still fueling up, despite these high prices,” AAA spokesperson Andrew Gross said in a statement. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
Energy costs are a key driver of inflation that has hammered household budgets and threatened the Democrats’ hold on Capitol Hill. Consumer prices hit 8.3% in April, with fresh data on inflation set to be released later this week.
While Biden has pledged action to lower gas prices, he raised eyebrows last month after suggesting the surge was part of America’s “incredible transition” to clean energy.
“[When] it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” Biden said at a press conference.
[Written in collaboration with other media outlets with information from the following sources]
