Cost of Gasoline Surges Again Under Biden, Up 18 Percent in Just Four Months

The calculus is getting tricky for Biden before an election in which the rising cost of living is expected to figure prominently in voting decisions. History has shown that the fortunes of US presidents are closely tied to prices at the pump, even though they have little control over the oil market in the short term. As violence roils the Middle East, US gasoline prices have surged 18% this year—and the summer driving season hasn’t started.

The Biden administration is just pathologically allergic to anything that would increase oil prices, and they have telegraphed that over and over again,” says Jim Lucier, managing director at Capital Alpha Partners, a research group in Washington. But, he adds, there’s not much the president can really do about it: “Biden is in a box on this question.”

Yet despite the political benefit of bringing costs down, Biden has only sought to exacerbate the problem in recent months through his support of the climate change hoax.

According to an analysis by The Center Square, Biden has taken at least 200 different actions to undermine America’s access to energy resources. These include shutting down the Keystone XL Pipeline, canceling exploration to various oil reserves and imposing burdensome regulations across the entire sector.

Meanwhile, a recent study by Moody’s Analytics found that high gas prices could cost Joe Biden re-election as ordinary people feel the financial pain of his leftist policies.

“Biden gets a small tailwind from the year-over-year decline in gasoline prices, but the expected late-2024 increase erodes much of the benefit,” Moody’s wrote. “Having said this, forecasting oil prices is especially difficult, and if prices move up much more than anticipated, the damage to Biden’s re-election bid will quickly mount.”