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Home News Bidenomics: Gas Prices Soar 18%, Crisis Deepens

Bidenomics: Gas Prices Soar 18%, Crisis Deepens

Bidenomics: Gas Prices Soar 18%, Crisis Deepens

( – With the presidential election only months away, people are faced with the unpleasant economic truth that President Joe Biden lacks the political clout to stop petrol prices from rising.

According to reports, drivers are spending 18% more than they did in 2023 to fill up their tanks, and summer driving is still to come.

Based on 1,084 consecutive days, the price of gas has not dropped below $3 a gallon, according to the Research Team of the Republican National Committee. Under Trump, gas prices never got above $3 per gallon.

Let’s compare the numbers: when former President Donald Trump left office, the average price per gallon for regular gas in the US was $2.39.

However, under President Biden, the price on Monday was a staggering $52.65 per gallon, marking a 52 percent increase. This stark difference in gas prices under different administrations is worth noting.

President Trump predicted back in 2020 that if Biden was elected, gas prices would skyrocket:

According to energy experts, Biden seems politically constrained into lowering gas prices because he lacks the political will to do so.

Jim Lucier, managing director at Capital Alpha Partners, has warned that the current trend of increased pricing might continue while Biden is president.

“This long-term impact on petrol prices is a serious concern that we all need to be aware of,” said Lucier.

He added, “The Biden administration has repeatedly telegraphed that they are just pathologically allergic to anything that would increase oil prices. With this question, Biden is in a box.”

One significant method that Biden is attempting to keep gas costs low before November’s election is by appeasing Iran, according to Bloomberg:

“Take, for instance, the president’s approach to crude from Iran, Russia and Venezuela. Despite more than a decade of US sanctions, Iran’s oil production last month surged to a six-year high of 3.3 million barrels a day. That’s up 75% from the low point in late 2020 under President Donald Trump, who stiffened penalties for those that violated existing prohibitions. Currently, about 80% of Iran’s exports of about 1.5 million barrels a day go to China, where they are refined by small independent refineries, according to a congressional report.”

“The administration’s soft approach to sanctions on oil from Iran, Russia and Venezuela has been key to its efforts to tame fuel costs. But that leniency is becoming politically riskier: Iran’s attack on Israel has intensified pressure on Biden to crack down on crude exports from the Islamic Republic. The OPEC member produces approximately 3 million barrels a day, equivalent to about 3% of global supply. And though Iranian crude might not find its way into US gasoline tanks, its presence generally helps to limit price gains.”

Biden, who still has plenty of enforcement discretion, is unlikely to curtail Iranian oil exports significantly. Still, Republicans designed sanction waivers under the Ukraine aid measure to be public—potentially to embarrass him into action or, otherwise, help them make the case that he’s been too soft on Iran.

Do you believe gas prices would be this high under a Trump administration?

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