Biden calls for lower gas prices, accuses companies of dabbing their profits

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Biden calls for lower gas prices, accuses companies of dabbing their profits


President Biden on Twitter on Wednesday called for a reduction in gas prices and accused companies of increasing their profits. (iStock)

President Joe Biden targeted oil and gas companies on Twitter Wednesday, saying oil prices were falling to $ 96 a barrel, but gas prices were not being followed.

He tweeted a chart comparing the average price for a gallon of gasoline using regular fuel with the price for a gallon of oil during February to mid-March.

“Oil prices are falling, gas prices should too,” the president tweeted. “Last time oil was $ 96 a barrel, gas was $ 3.62 a gallon. Now it’s $ 4.31. Oil and gas companies shouldn’t increase their profits at the expense of hard-working Americans. “.

Currently, the national average price of gas is more than $ 4.27 per gallon, according to the latest data from AAA.

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Gas prices spur soaring inflation

Inflation rose to yet another 40-year high In February, the consumer price index (CPI) rose 7.9% annually, according to the latest report from the Bureau of Labor Statistics (BLS). This marked the highest rate increase since January 1982.

On a monthly basis, inflation rose 0.8% from January to February. While the rise in inflation in recent months began after the Fed began stimulating the economy in response to COVID-19, this month’s hikes were mainly driven by rising gas prices, according to the BLS. . The gasoline index accounted for about a third of the monthly increase in inflation.

The Russian invasion of Ukraine continued to exert upward pressure on oil prices, which have a direct impact on the price of gas. The Energy Information Administration (EIA) said 56% of the cost of gasoline is the cost of crude oil.

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Are the oil companies lining their pockets?

While Biden’s chart appears to support his argument that gas companies are keeping prices high despite falling oil prices, other charts tell a different story.

The chart tweeted by the president used Bloomberg data. And in response, Javier Blas, Bloomberg’s columnist on energy and commodities shared a graph of his that, according to him, showed a more historical picture of oil and gas prices.

“My chart is almost as bad as the White House chart – almost emphasis!”, Blas tweeted. “The point is, they are both #ChartCrimes. You can fit almost any narrative into a chart.”

While the cost of crude oil has a direct impact on gasoline prices, it does not the only determining factor, according to the EIA. For example, the increased cost of trucking and labor shortages must also be considered. It’s also worth noting that there’s a delay after oil prices drop before consumers see it at the pumps as many gas stations suffer losses when oil prices rise rapidly, according to NewsNation.

With gas prices on the rise, you may want to cut down on your monthly expenses. One way to do this could be to use a personal loan to consolidate and pay off high-interest debt. Contact Credible to speak to a personal loan expert and see if this is the right option for you.

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