President Joe Biden’s plan to keep gas prices down seems to be failing as the nationwide average gas price has risen by 35 percent since he announced the program.
“We’re launching a major effort to moderate the price of oil,” Biden said in a Nov. 23, 2021, address to the nation, according to the White House transcript. “An effort that will span the globe in its reach, and ultimately reach your corner gas station, God willing.
“I’ve worked hard these past few weeks in calls and meetings with foreign leaders, policymakers to put together the building blocks for today’s global announcement,” Biden continued.
“And while our combined action will not solve the problem of high gas prices overnight, it will make a difference,” the president said.
As the nation faces continued soaring prices, it appears that Biden’s supposed efforts have not been very effective.
According to data from the American Automobile Association, the price of gasoline has risen by 35.3 percent between the day Biden announced the plan and Tuesday, Fox Business reported.
Furthermore, the price of diesel has gone up by 52.4 percent, the outlet reported, citing AAA data. Industries such as farming and shipping depend on diesel fuel, so higher diesel prices mean higher prices for the goods diesel vehicles produce and transport.
The average national price for regular gasoline is $4.599, according to data from the AAA. On Tuesday, the price was $4.598. A week ago it was $4.567, and a month ago it was $4.123. There’s a pattern there.
To put things into perspective, a year ago, the average national price for regular gasoline was $3.036, according to data published by the AAA.
Despite these figures, Biden told reporters at a Monday news conference in Japan that his administration’s efforts have stopped gas prices “from getting worse,” according to Fox Business.
Biden also touted the soaring fuel prices as an opportunity for a national transition into renewable energy.
“And when it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” Biden said at the news conference, according to Newsweek.
Biden’s comments swiftly drew backlash from social media users and Republican lawmakers, who deemed the president’s words as being out of touch with the American public.
“He’s in Tokyo celebrating, saying ‘it’s an incredible transition,'” Republican Sen. Ted Cruz of Texas said during an appearance Monday on Fox News’ “Hannity.”
“Incredible for you! You fly a damn 747 where the taxpayers pay for your jet fuel,” Cruz said, addressing the president.
“What Joe Biden is saying is, iff you at home, if you drive a pickup truck: ‘To hell with you. You can’t drive your pickup truck. If you have a Suburban, you’ve got to get rid of that. We’re all getting Toyota Priuses.'”
According to a Monday report from OilPrice.com, U.S. natural gas prices are set to rise, too.
Natural gas is measured in a unit known as “mmbtu” or one million British Thermal Units. Its price in the U.S. is less than a quarter of its price abroad, according to Oilprice.com, but that’s likely to change soon.
“Asian and European natural gas prices stand at $35 per mmbtu, versus $8.20 per mmbtu here in the United States. Given the underlying fundamentals that have now developed in US gas markets, we believe prices are about to surge and converge with international prices within the next six months,” natural resources investment firm Goehring & Rozencwajg stated in a quarterly market commentary, according to OilPrice.com.
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