Biden Bid to Lower Gas Prices Falls Short as Prices Reach Record High
President Biden’s attempt to alleviate the pain Americans are feeling at the pump has fallen flat as gas prices surged to a new high.
From the Washington Examiner:
The record high represents a 17-cent spike since last week and comes just two months after prices climbed in March to the previous high of $4.33 per gallon. The spike also comes despite efforts from the Biden administration to reduce pain at the pump, including calling on oil and gas producers to ramp up production and ordering the release of millions of barrels of oil from the U.S. emergency stockpile.
Biden’s largest-ever release of oil reserves has so far failed to put a dent in gas prices, which stood at $2.967 a year ago today. Meanwhile, energy prices overall have continued to soar, rising about a third during the same time period.
Sky high prices of energy and other goods have contributed to the president’s overall decline in approval, with polling aggregator 538 showing Tuesday Biden with a 41.8% approval rating, while 52.2% disapprove of his job performance.
Biden has consistently scored low marks on his handling of the economy, with one Washington Post-ABC poll last week showing that only 38% of voting-aged adults approve of his handling of the economy. The president’s ratings on inflation come in even worse, with 68% saying they disapprove of his performance compared to 28% who say they approve.
According to an analysis by Yardeni Research, Americans have plenty of reason for giving the low marks. The firm’s March report showed that Americans can expect to pay an average of $2,000 more for gasoline in 2022 and $1,000 for food.
“In addition, we estimate that the average household is currently spending at least $1,000 [according to a seasonally adjusted annual rate] more on food as a result of rapidly rising grocery prices,” the firm’s president wrote. “That’s $3,000 less money that households have to spend on other consumer goods and services, which also are experiencing rapid price increases.”