In an Oct. 19 press briefing, White House Press Secretary Karine Jean-Pierre answered Fox News correspondent Peter Doocy’s question about President Joe Biden’s request for U.S. oil companies to help lower gasoline prices. However, a viral video of that exchange was edited to make it appear that Jean-Pierre ignored Doocy’s question.
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.
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 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.”
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.
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.
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.
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.
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.
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.