Gas prices dropped in time for holiday travel. Should politicians get credit?


As Americans are expected to hit the roads in record numbers this holiday season, they’re also getting a small break at the pump where prices are $3.26 a gallon, down about 32 cents from a year ago, per AAA.

President Joe Biden is taking some credit for the cost drops.

“Just in time for holiday travel gas prices are down $1.70 from their peak, airline tickets are down 13% over the last year and car rentals are down about 10%,” White House press secretary Karine Jean-Pierre told reporters.

But are the accolades Biden’s to have?

“Politicians aside, gas prices move because of economics not because of who is in the White House; not solely focused on the United States,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Oil is a global commodity and it’s wrong for politicians to blame politicians for economics and it’s wrong for politicians to get credit for economics.”

He said the administration has cleared the way for more drilling as the war between Ukraine and Russia hurt supplies and Middle East countries cut production.

Domestic production is up to a record 13.2 million barrels a day, and oil production from federal lands and waters is now higher than under the Trump administration.

But Biden doesn’t talk much about that, knowing the far-left of his party and some of his voting base would be disappointed.

“He paraded into the White House under cracking down on oil production,” said De Haan. “We don’t see the Biden administration exactly touting the fact that US oil production is back at a record simply because his agenda was championed on potentially ending fossil fuels as he so eloquently put it.”

Yet, he said when it comes to driving the markets, it’s still the global system and not just the White House behind the wheel.


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