Are high gas prices Joe Biden’s fault? These experts weigh in on a president’s impact

Gas prices continue to hit record highs this year, reaching an average of around $4.40 in Tarrant County as of Wednesday.

The average gas price nationally was $4.56 on Wednesday and averaged $4.26 in Texas. The statewide average increased .05 cents from the day before and was 17 cents higher than a week ago, according to the American Automobile Association.

As Texans prepare for Memorial Day weekend and summertime travel, gas prices are expected to remain high until the fall. Karr Ingham, Texas Alliance of Energy Producers petroleum economist, said the increase has to do with multiple factors, including the economy’s pandemic bounceback, Russia’s war in Ukraine and President Joe Biden’s administration.

Why are gas prices rising?

There are three main things causing rising gas prices. While supply kicks back into gear to meet increasing demand following two years of the COVID-19 pandemic, crude oil prices have risen, Ingham said.

Russia’s invasion of Ukraine has also sent crude oil prices higher, at one point increasing prices over $120 a barrel. Today, U.S. crude oil is $112 a barrel, according to the U.S. Energy Information Administration.

Ingham said a third factor is the Biden administration’s open disapproval of U.S. development of oil and gas resources, which acts as a restraint against rapid crude oil growth.

Is the U.S. president to blame for gas prices?

Gas is a visible indicator of how the U.S. economy is doing for consumers. Thomas Marshall, a University of Texas at Arlington political science professor, said presidents generally get blamed for high gas prices, though their impact isn’t direct.

There are some ways the Biden administration is indirectly to blame for gas prices. One way is Biden’s tense relationship with Saudi Arabia, which has prevented significant increase in oil production, Marshall said. According to a report by The Wall Street Journal, the Saudis are angry over the U.S. withdrawal from Afghanistan and lack of support for Saudi Arabia’s intervention in the Yemen civil war.

The administration has also given the perception of hostility toward the oil industry, shutting down pipeline projects, Marshall said. While pipelines take a while to develop, the message signals Biden’s lack of sympathy for the industry and creates uncertainty in its future.

Ingham said the Biden administration’s messaging creates uncertainty from investors who are leery about funding new oil and gas production wells.

“We should be growing production in response to this rising demand and high prices much more rapidly than we are,” he said.

Matthew Eshbaugh-Soha, a University of North Texas political science professor, said whether a president should be blamed for gas is usually a partisan question.

“Can the president do a lot? Not a lot. Should the Biden administration be talking up the economy? Yes, they need to be doing more because that’s effectively all they have to kind of be able to just make people feel a little bit better about things that aren’t going that well,” he said.

Does the president have the ability to help ease gas prices?

Presidents have limited tools to help with gas prices, but they do have some power.

One short-term tool is messaging. Eshbaugh-Soha said positive messaging about the economy could instill consumer confidence and ease sticker shock at the pump.

“In a limited capacity, President Biden can lead with an optimistic view of the economy to project that this is a temporary situation and I think psychologically this can take a little bit of the burden off of paying that gasoline price with the idea that the economy will improve down the road,” he said.

Releasing oil reserves is another way a president can help ease gas prices. In his research looking at whether presidents could impact gas prices by releasing oil reserves, Eshbaugh-Soha found the announcement of the release caused a slight decline while the actual release didn’t.

At the end of March, Biden announced he would tap into the nation’s Strategic Petroleum Reserve, releasing one million barrels a day for the next six months. Eshbaugh-Soha said it’s less certain if additional release announcements have the same market effect as an initial announcement.

“The idea is that markets respond to the intention, to the expectation that certain things are going to happen,” he said.

Marshall said there are other ways the Biden administration could help with gas prices. One way would lower the federal gas tax, which is 18.40 cents per gallon; however, because the majority of the tax goes to national highways it is unlikely that will happen, he said.

Biden could also help by announcing the reopening of pipeline projects that were closed. Although the pipelines wouldn’t help immediately, Marshall said it would act as a symbol of reassurance for the future.

Who are some other presidents that have been blamed for gas prices in the past?

Gas prices have risen at different points in the last several decades. Because Americans are generally presidency oriented, Marshall said presidents tend to get blamed for high prices.

“Presidents always jump in there taking credit for things and so we are just in the mindset that ‘If you’re out there taking credit for anything that happens, you might as well step up to the plate and take the other half of the blame’,” he said.

The 1973 oil embargo imposed on the United States by oil-producing states in the Persian Gulf region created a spike in gas prices during President Richard Nixon’s administration.

During the Iranian Revolution in 1979, gas prices spiked, creating lines and limiting consumers on how many gallons they could get. Marshall said President Jimmy Carter was blamed for the high gas prices at the time.

Public expectations of the presidency have grown since as far back as President Franklin Delano Roosevelt, and gas prices are one of the more immediate expectations Americans have, Eshbaugh-Soha said. In turn, presidents have structured Americans’ expectations by taking credit for and running on platforms concerning the economy.

“Generally the president is blamed for the economy when it’s doing poorly,” he said. “Of course presidents try to claim credit when the economy’s doing well. Presidents win and lose elections based on the state of the economy.”