Post by the Scribe on Mar 13, 2024 8:11:44 GMT
In December 2016 — the last full month that Obama/Biden were in office regular, unleaded gasoline prices averaged $2.25 per gallon nationally. Under Trump's first term through October 2020 the comparative price was $2.53. Gasoline prices rose during each of President Trump’s first two years in office, reversing the two-year trend that ended Obama’s second term. By Trump’s third year in office, prices fell slightly, but then they fell sharply during his fourth year to a level almost the same as during Obama’s eighth year because of low demand during the pandemic.
Gas prices fluctuate regardless of who is president at the time. Several experts maintain that unless the president is directly controlling gasoline prices (which he isn't) , he cannot take credit or blame for the cost.
Presidents have "very little direct influence" over gas prices. By far the biggest driver is the price of crude oil, which is driven by supply and demand factors. A strong global economy, which presidents can influence slightly, is likely to increase demand and drive up prices. The economic growth out of the financial crisis was part of what drove high gasoline prices in 2012-14, just as the pandemic-driven global recession kept oil prices very low as demand cratered. Following the removal of pandemic-related restrictions, supply has not caught up with new demand so prices rose as the economy began to recover and people got back on the road. Gas prices varied greatly at times under Obama, Trump & Biden.
Gas prices fluctuate regardless of who is president at the time. Several experts maintain that unless the president is directly controlling gasoline prices (which he isn't) , he cannot take credit or blame for the cost.
Presidents have "very little direct influence" over gas prices. By far the biggest driver is the price of crude oil, which is driven by supply and demand factors. A strong global economy, which presidents can influence slightly, is likely to increase demand and drive up prices. The economic growth out of the financial crisis was part of what drove high gasoline prices in 2012-14, just as the pandemic-driven global recession kept oil prices very low as demand cratered. Following the removal of pandemic-related restrictions, supply has not caught up with new demand so prices rose as the economy began to recover and people got back on the road. Gas prices varied greatly at times under Obama, Trump & Biden.