People also ask
Are gas prices governed by politics?
Although gas prices, especially where they sit now, are often assumed to be a force of political influence, they are actually governed by economic drivers and basic laws of supply and demand. Unfortunately, President Biden can鈥檛 just push a button and let everyone pay $3 per gallon again.
How can the President impact gasoline prices?
The second way the President can impact gasoline prices it to push through a change in gasoline taxes. But this is unlikely. The federal gas tax is 18.4 cents a gallon and has not increased since 1993. Increasing it would be politically difficult, so this is a possible mechanism for increasing gasoline prices, but it isn鈥檛 a likely mechanism.
Will president Biden lower gas prices?
Unfortunately, there isn’t much President Biden can do to provide a quick drop in prices. One option he has is to suspend the Federal Gas Tax, which is currently 18 cents per gallon. However, this tax largely funds projects in Biden’s infrastructure spending bill, so cutting it could bring them to a halt.
Will the Obama administration do anything to control gas prices?
The administration has already taken some small steps to control gas prices, including the Federal Trade Commission saying it would investigate potential price gouging.