Biden Praises Minor Gas Price Reductions – As gas prices finally drop below the recent historically-high national average of $5 per gallon, President Joe Biden is working to assure the country that his economic plan is beginning to work.
National average gas prices fell to $4.74 from $4.84 last week, indicating a reduction in prices while also representing one of the most rapid upwards trends in gas prices in history. Data shows that just 2.3% of gas stations across the country are selling gas for less than $4 per gallon, an increase over 0.5% just one week ago.
Devin Gladden, the national manager for federal affairs at the American Automobile Association, said that prices continue on a weeks-long downward trend. Prices are, however, still double what they were before President Joe Biden took office.
“One, we’ve seen oil prices decline. … They’re still elevated, but we’ve seen them break below $100 per barrel,” Gladden said this week. “We’ve also seen gas demand weaken a bit, and so those two forces have helped to put pressure on prices. And as those trends continue, we’re likely to see prices continue to decline.”
Biden’s Program “Working”
During a White House press briefing on Friday, in which President Joe Biden addressed what Democrats describe as “abortion rights” and the overturning of Roe v. Wade, Biden also attempted to calm fears about the state of the U.S. economy.
“The unemployment rate is near a historic low of 3.6%,” the president said, adding that private sector jobs “are at a record high.”
Biden also admitted that gas prices are still too high, but that there are signs prices are falling.
“Gas prices are still way too high and have fallen 25 days in a row,” the president said. “And this week we saw the second-largest single-day decrease in gas prices in a decade.”
The president said that while there is still work to do, he believes his administration is “making significant progress.”
“The program is working,” Biden said.
If that downward trend continues, it’s good news for the Democrats – but won’t necessarily be enough to help the party as they head to the midterm elections in November. With just five months to go, the price of gas is unlikely to fall in any meaningful way before voters head to the polls.
A drop of 50 cents or even a dollar at this stage would still be a dramatic increase in price over last year, and with the U.S. economy already arguably in a recession, the Democrats still have a lot to worry about.
Jack Buckby is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the U.K., Europe, and the U.S., he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments’ approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.