Republican leaders across the country Milwaukee Stage Praise for presidential candidates this week Donald Trump And the bashing President Joe Biden.
Some speakers economy The big blemish on Biden’s record is how much voters Gasoline prices That has changed in the last few years.
Lara Trump “Gas prices hit a record low of $1.87 a gallon since my father-in-law took office,” she said Tuesday night. “As we speak here tonight, many Americans don’t know how they’re going to pay the bill the next time they go to the grocery store,” she continued.
Some Financial success Under Biden, many voters still believe Trump had better control of the economy. Gas prices are proof.
Experts say The president has little control over gas prices.However, it is frequently used as a partisan slur.
“Perceptions of gasoline prices and the president’s role in them are really filtered through political partisanship,” Charles Franklin, director of the Marquette Law School poll, told USA Today on Wednesday. “Most parties tap into these perceptions when prices are rising and the other party is in the White House.”
Here’s what you need to know about gas prices during the candidates’ terms in office.
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Historical trends in gasoline prices according to AAA
Why gas is an indicator of other economic problems
Franklin said gasoline prices are often subject to the vagaries of global markets, but it’s an issue close to home for voters.
“These are obvious markers of the cost of living,” he said. “When you drive past a gas station, you see the price. You fill up your tank, you pay the price. So it’s one of those economic phenomena that people see all the time and that they feel when they shop.”
Despite being a popular topic, Franklin is not concerned with gas prices. Presidential Approval Rating.
Still, Franklin says the previous low prices aren’t easily forgotten. Wages have risen faster than the rate of inflation.
“It takes a long time to reset what we perceive as normal prices, and real incomes catch up quicker than psychological perceptions of high prices.”
Biden releases oil from emergency reserves as prices soar
As gasoline prices rose throughout 2021, Biden Start preparing emergency oil reservesBut that did little to stop prices rising at gas stations.
February 2022, Russia invades UkraineThe invasion affected global supplies and caused gasoline prices to rise. In the month following the invasion, gasoline prices in the United States rose by nearly $1 a gallon on average. Biden orders release of up to 180 million barrels of oil This will be the largest release from the country’s national emergency stockpile in its history.
Over the next few months, Biden called on Congress and state governments to Gasoline tax exemption We planned it for three months, but it never happened.
Franklin said it would be difficult for Biden to use these moves as a political rebuttal.
“Maybe it’s the marginal part that’s helped keep prices down,” he said. “That might be obvious to economists who are analyzing the macroeconomy, but it’s probably not something that people personally experience or recognize.”
Gas prices hit record lows as pandemic travel halt continues under Trump administration
Gasoline prices fell at the end of 2018 as the Organization of the Petroleum Exporting Countries (OPEC) helped drive down oil prices. Market oversupplyt.
In 2020, the COVID19 pandemic brought travel around the world to a screeching halt. Prices fell. At the same time, major suppliers Price FewGrowing fears of a recession have led to gasoline prices falling below $2 a gallon in many states.
Franklin said it would have been odd for Trump to claim credit for low prices at the time, but that people were especially worried about the impact. I remember the economy doing better under his administration..
“Now that he’s running again in the past tense, it’s reasonable to expect the Trump campaign to point to periods of low gas prices and say, ‘When I was president, they were cheaper, especially in 2020,'” Franklin said.
Contributors: Philip M. Bailey, Michael Collins, Sarah Chernikoff, Mike Snyder, Nathan Bomey, Jazmyn Goodwin, Joey Garrison, Rachel Barber
