Gas Prices Decreasing, Much to Biden’s Delight

Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

(PartiallyPolitics.com) – The mild demand has resulted in U.S. gas prices being cheaper than usual at the start of the summer season. This week opened up with the national gas average being at $3.44 per gallon, marking a 10-cent decrease from the previous week. However, the price did end up increasing to $3.45 by mid-week. Even with that increase, the price is around 15 cents lower than it had been last year. 

On a state level, there are some states that have had their gas prices drop by close to $1 and have a per gallon price below $3. These include states in the Gulf region and the South. 

Consumers are heavily benefiting from the decrease in price which is also likely to help President Joe Biden win more votes ahead of the 2024 presidential election. Historically, Presidents have often been blamed for the price of gas. In 2022, President Biden had received a lot of heat for the increase in gas prices following the Russian invasion of Ukraine which caused a spike in prices. 

The United States has released 180 million from the Strategic Petroleum Reserve in order to help balance production prices as OPEC has stated they will be cutting production. 

Domestic oil production has reached record highs, and the price of Brent crude oil dropped to $82 a barrel in May, down $8 from April. Combined with relatively weak demand for gasolineprojected at about 8.8 million barrels a dayprices have remained moderate. Potential disruptors include the upcoming hurricane season and extreme summer heat, which could impact production and cause price fluctuations.

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