People also ask
How much do presidents influence gas prices?
A graph from the Energy Information Administration (EIA) shows that retail gas prices have fluctuated from 1994 to 2020, no matter who was in office. Patrick De Haan, the head of petroleum analysis at GasBuddy, went further into detail, explaining that presidents actually have very little influence when it comes to gas price increases.
Who controls the price of gas?
It’s economics, plain and simple. Who controls the price of gas? The price of natural gas in the U.S. mainly depends on the market鈥檚 supply and demand. Crude oil is used in refineries to make gasoline, so the cost of this also dictates the price of gas.
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.
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.