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By Catherine Davis |
Commentator, Chief Editor, L&SS |
February 25, 2022
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Daniel Turner, the author of the following linked Tweet, is suggesting President Joe Biden is responsible for the high gasoline prices we're seeing pop up in various states around the country.
I thought the opposite of his opinion; however, he (Turner) isn't completely wrong in his statement. He said gas prices have risen since Biden took office (he said this in so many words, that is).
At first, I thought, Supply and Demand were driving prices up; as well, I was wrong in my quick assessment of the situation. In actuality, supply and demand were driving prices down - So, so I went looking for reasons why prices started to rise seeming out of nowhere after Biden became U.S. President in 2020.
I found what I needed to hear via USA Today Fact Checker. According to McGee (AAA spokesperson) and Mark Finley, a fellow at Rice University's Center for Energy Studies, as they explained in simple terms to USA Today, many countries had to stop oil production since they weren't making profits from consumers, whose gas prices were at an all-time low because of the pandemic. For example, in mid-2020, pandemic mandates here in the US stopped people from traveling (there were similar pandemic mandates worldwide). Thus, initially, there was no need to buy gas to fuel cars; this caused gas prices to drop rapidly.
After Covid 19 restrictions slowed, oil companies were not ready to meet consumer crude oil demand. As a result, oil supply was low and demand high (result = high consumer gas prices). Read that article:
In response to the low demand due to reduced travel and lockdown restrictions, Finley said major oil-producing countries like Russia, Saudi Arabia and member countries of the Organization of the Petroleum Exporting Countries, or OPEC, decided to cut down on their own oil production.
But the cut meant oil producers weren't ready to meet the demand for crude oil once it renewed this year thanks to easing of COVID-19-related restrictions.
"This year, demand has so far increased more quickly than production rates, which means the United States had to draw more on its gasoline storage inventories, which has contributed to prices going up," EIA spokesperson Chris Higginbotham said in an email to USA TODAY. "We expect oil producers in the United States and globally to increase their production levels through 2022, which we expect to contribute to lower crude oil prices, and lower gasoline prices."
Remember when there were no new wars, the U.S. was energy independent, and the price of gas was $2 a gallon?
— Daniel Turner (@DanielTurnerPTF) February 24, 2022
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