United States President Joe Biden is under pressure to reduce the hike in gas prices. Biden and his team’s approach to increasing sanctions on oil from Russia, Iran, and Venezuela, the key players in the global gasoline industry, has been critical to reducing gasoline costs.
However, this plan seems to be in jeopardy. If it is carried out, it will significantly increase the price of gasoline in the U.S., which wouldn’t be a good move as it might influence voters’ decisions during the election.
Overview of Gas Prices
As of summer 2022, the price of gas was over $5 per gallon. However, it has fallen since then to about $3.58 per gallon in June last year. Despite this reduction, prices are still higher than they were before Joe Biden became President. According to a source, the price of gas is expected to be about $3.50 per gallon by election day.
If the price of gas becomes $4 per gallon, there’s a tendency that former President Donald Trump would win the election. Aside from the hike in gas prices, other economic factors are in Joe Biden’s favor.
After the rise of inflation in June 2022, it has significantly fallen since then. Also, with the increase in rate hikes, the economy has been resilient. Currently, the unemployment rate is below 4%.
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Joe Biden’s Effort To Reduce Gas Prices
President Joe Biden is doing his best to ensure that the citizens don’t feel the impact of gas price increases. The President said citizens can use E15 gasoline, which is less expensive than E10. He also gave out 200 million plus barrels of oil from the U.S. emergency oil stockpile. The vice chairman of S$P Global said that “there’s a limit to what presidents can do.
He added, “Presidents never get credit when gasoline prices are low, but they always get blamed when gasoline prices are high.” This statement underlines the challenging role of U.S. presidents in managing an issue deeply influenced by global events and market forces.
Jim Lucier’s Response to President Biden’s Effort To Reduce Gas Price
Due to the 18% increase in U.S. gas prices caused by Middle Eastern tensions, one of Capital Alpha Partners made a few comments. He said, “The Biden administration is just pathologically allergic to anything that would increase oil prices.”
President Joe Biden Addresses Morehouse Students
On May 19, President Joe Biden gave a speech on democracy at Morehouse College in Atlanta, Georgia. While he was giving his speech, a student raised a Palestinian flag, and some students in the audience turned their backs on President Biden. However, this didn’t stop the President from listing particular virtues a healthy democracy should have.
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President Joe Biden said, “In a democracy, we debate and dissent about America’s role in the world.” “I want to say this very clearly: I support peaceful, nonviolent protest. Your voices should be heard. I promise you, I hear them,” the President added. The President also mentioned wanting to make his administration look like America once he becomes President.
He also said, “I have more African Americans in high places, including on the court, than any president in American history. Because I need the input.” As the speech was ongoing, the youth, blacks, and other races were backlashing President Biden for his support towards Israel, not minding the country’s fight with the Gaza Strip.
The U.S. President Addresses the Gaza War
After President Biden addressed the students on democracy, he went on to talk about the situation in the Middle East. The President called the conflict in Gaza a “humanitarian crisis.” He also added that he has called for a ceasefire, and his team is working towards ending the fight and releasing the hostages
The U.S. president stated that the war between Israel and Gaza is heartbreaking. “What happens in Gaza? What rights do the Palestinian people have? I’m working to make sure we finally get a two-state solution. The only solution where two people live in peace, security, and dignity,” President Biden said.
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