President Joe Biden and members of his administration have touted the falling gasoline prices, suggesting that the decrease was because of the president’s policies. But U.S. presidents have little control over the price that consumers pay for gasoline. We look at the reasons for the decline in gasoline prices.
Locations: International
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Gasoline Prices Up Due to Global Supply-Demand Issues, Russian Invasion of Ukraine
U.S. presidents have little control over the price that consumers pay for gasoline. It depends mostly on the price of crude oil, which is set on the global market, based largely on worldwide supply and demand. Yet Republican campaign ads have falsely claimed or suggested that President Joe Biden and Democrats are solely to blame for the prices that motorists are paying at the pump.