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This Video Shows Why Biden Should Regret Taking Credit for Falling Gas Prices

White House press secretary Karine Jean-Pierre was asked Tuesday if the Biden administration still wants to take credit for gas prices, now that they’re rising instead of falling.

SO WHAT

The Biden administration has a history of spiking the ball on the 5-yard line.

WHAT HAPPENED

Fox News White House correspondent Peter Doocy referenced remarks made by Jean-Pierre in July, when she suggested President Biden was responsible for declining gas prices.

“It’s a lot more nuanced than that,” Jean-Pierre replied, citing “global challenges” including the pandemic and “Putin’s war” in Ukraine.

  • According to Jean-Pierre Biden “worked so hard the past several months to make sure that he did everything we can to bring gas prices down,” including tapping the Strategic Petroleum Reserve.
  • The White House announced yesterday that it will be releasing another 10 million barrels from the SPR, following an announcement by OPEC and aligned oil producers (OPEC+) that they will cut production by up to two million barrels per day.

BEHIND THE TREND

Most experts agree the White House has little to no control over gas prices in the short term.

  • U.S. gas prices started rising in fall 2021 due to a 26% decline in refining capacity over the course of the COVID-19 pandemic, resulting in inadequate supplies when demand picked up again, followed by further increases stemming partially from Russia’s invasion of Ukraine in February 2022.
  • Prices have started ticking up again in large part due to 18% of U.S. refining capacity being taken offline for maintenance.
  • Energy analysts have said actions taken by the Biden administration, including selling oil from the SPR and asking Saudi Arabia to increase production, are likely to have a limited, short-term impact on gasoline prices at best.

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