GOP blows smoke blaming Biden for higher gas prices

July 16, 2021 ☼ economypandemicinflation

Source: The Washington Post - Link

Here we go again: Gasoline prices have spiked, and politicians are spinning attack lines and pointing fingers of blame.

Rep. Jim Jordan (R-Ohio) tweeted in June: “Average gas price: June 2020: $2.21 June 2021: $3.07 President Biden’s economy!”

“As millions of Americans travel this holiday weekend, they are feeling the cost of Biden’s policies at the pump,” Republican National Committee Chair Ronna McDaniel tweeted this month. “Gas prices are at their highest level in 7 years.”

The Fact Checker has been looking into similar attack lines for years — and they never quite add up. So far in 2021, gasoline prices have risen 88 cents, or a 40 percent increase, to $3.13 a gallon on July 6.

But what has Biden got to do with it? The biggest factor in the price of gasoline is crude oil. Well over 50 percent of the price at the pump is directly tied to the cost of crude oil. About 18 percent of the cost relates to state and federal taxes — the latter of which have not increased under Biden. About 15 percent stems from distribution and marketing, while 13 percent comes from refining costs and profits. (These figures are from AAA.)

First, gas prices always rise in the summer. Second, production capacity is off due to worker shortage from the pandemic. Third, OPEC does not have its act together regarding production goals which has generated market uncertainty. None of this has anything to do with the federal government.