Photo Shows Real Gas Prices During Obama-Biden Administration, but That’s Not the Whole Story – September 2020
Severin Borenstein, Faculty Director of the Energy Institute, spoke with PolitiFact on the fluctuation in gas prices during the recent presidency terms. Severin clarifies that presidents don’t have that much influence over gas, as opposed to what recent social media images seem to indicate on high gas costs during the Obama administration.
“By far the biggest driver is the price of crude oil, which is driven by supply and demand factors. A strong global economy, which presidents can influence slightly, is likely to increase demand and drive up prices. The economic growth out of the financial crisis was part of what drove high gasoline prices in 2012-14, just as the pandemic-driven global recession is now keeping oil prices very low.”