Facebook Twitter Tumblr Close Skip to main content
A Project of The Annenberg Public Policy Center

Crude Oil Prices Down Due to Recession Fears, Contributing to Lower Gasoline Prices

Crude Oil Prices Down Due to Recession Fears, Contributing to Lower Gasoline Prices

President Joe Biden and members of his administration have touted the falling gasoline prices, suggesting that the decrease was because of the president’s policies. But U.S. presidents have little control over the price that consumers pay for gasoline. We look at the reasons for the decline in gasoline prices.

U.S. Selling Oil from the Strategic Petroleum Reserve to the Highest Bidding Companies

U.S. Selling Oil from the Strategic Petroleum Reserve to the Highest Bidding Companies

Q: Is the Biden administration selling crude oil from the Strategic Petroleum Reserve to other countries?

A: The oil is sold to eligible companies that make the highest offers. Some of the companies are U.S. subsidiaries of foreign companies, and some that purchased oil have then exported a portion to buyers overseas. Exports increase the global supply and still help with U.S. gas prices, experts told us.

‘Liberal World Order’ Is Decades-Old Term Misinterpreted by Social Media Posts

‘Liberal World Order’ Is Decades-Old Term Misinterpreted by Social Media Posts

“Liberal world order” is a decades-old term referring to a system of global cooperation. A Biden administration adviser used the term to explain why gasoline prices are tied to the war in Ukraine. But social media posts use the adviser’s comments to misleadingly claim Biden is pushing a “new liberal world order” to make Americans pay “high gas prices forever.”

Gasoline Prices Up Due to Global Supply-Demand Issues, Russian Invasion of Ukraine

Gasoline Prices Up Due to Global Supply-Demand Issues, Russian Invasion of Ukraine

U.S. presidents have little control over the price that consumers pay for gasoline. It depends mostly on the price of crude oil, which is set on the global market, based largely on worldwide supply and demand. Yet Republican campaign ads have falsely claimed or suggested that President Joe Biden and Democrats are solely to blame for the prices that motorists are paying at the pump.

U.S. Oil Reserve Created for Supply Disruptions, Not Strictly Military Use

U.S. Oil Reserve Created for Supply Disruptions, Not Strictly Military Use

The U.S. Strategic Petroleum Reserve was set up as an emergency source of oil to keep supplies flowing in the event of unexpected disruptions. It’s not just designed “for when we get attacked and need the fuel to keep our Air Force in the air,” as social media posts falsely claim.

Trump and Boebert’s Oil Spin

Trump and Boebert’s Oil Spin

Former President Donald Trump said he had gotten the U.S. to a point where “we didn’t need the Middle East” for “energy.” And now, he said, “we’re going back to them asking them for help.” But the U.S. has continued to import a smaller amount of its petroleum from the Middle East under President Joe Biden.

Misleading Messages on Gasoline Prices

Misleading Messages on Gasoline Prices

Eric Trump misleadingly claimed on social media that gasoline was $5 per gallon “under O’Biden,” but “unbelievably good” during his father’s administration. The average retail price of gasoline while Barack Obama was president was $2.97. The average price under President Donald Trump has been $2.49, which includes lower prices due to the pandemic.

Trump’s Misguided Tweet on California Gasoline Prices

Trump’s Misguided Tweet on California Gasoline Prices

California’s proposed fuel efficiency standards for cars don’t have anything to do with the state having the highest gas prices in the country, but that’s what President Donald Trump suggested in a tweet.

Is Trump Responsible for Falling Gasoline Prices?

Is Trump Responsible for Falling Gasoline Prices?

With gasoline prices plummeting, President Trump gave himself a third-person pat on the back via Twitter: “thank you President T.” Energy experts say the decline is largely motivated by market forces outside the president’s control. But experts attribute at least part of the drop to the administration’s decision to soften Iran sanctions.

Who’s to Blame for Higher Gas Prices?

Who’s to Blame for Higher Gas Prices?

With gasoline prices rising, Sen. Chuck Schumer placed the blame on President Donald Trump, and specifically his decision to pull out of the Iran nuclear deal. But experts say that decision has had only a modest effect so far on rising prices at the pump.