You may have muttered “Biden” under your breath the last time you filled up your car at the gas pump, blaming the president for increasing gasoline prices. That’s perfectly understandable — who doesn’t want someone to blame when they have to pay $45 to top off their Ford Escape? Still, the reality is that President Joe Biden’s policies have had limited effect on prices at the pump. Biden’s energy plan will certainly affect prices down the road, but in the meantime, you can blame the laws of supply and demand.
As people usher in spring and the ease of COVID-19 restrictions, they’re also seeing an upward trend in gas prices. The average price for regular gasoline in the United States recently reached $2.85 per gallon, up nearly 70 cents per gallon since January. Naturally, many started playing the blame game, pointing fingers at the 2-month-old administration. While blaming Biden is easy, the president has a limited ability to change gas prices immediately. Gas prices began to increase in November 2020, before the Biden presidency even began. This trend is the result of several factors, including rising crude oil prices, increased demand, and constrained refining capacity.
