Fact check: Is President Biden to blame for Houston's record-high gas prices?
A sticker depicting President Joe Biden is seen pointing toward the price of diesel fuel exceeding $4.50 at a gas station in Montgomery County, Wednesday, March 9, 2022.It’s easy to blame President Joe Biden for record-high fuel prices, but the reasons for our pain at the pump are less straightforward.time Monday, climbing 14 cents a gallon over the past week to an average $4.12 a gallon in the Houston area. Prices topped $5 a gallon at some stations in the area.
Some say the link is clear: prices were lower when Donald Trump was president. Now, Biden is president and prices are high. Biden blame can be found in gas pump graffiti around Houston.Not yet. American presidents have little control over fuel markets. Petroleum products are global commodities and their prices are dictated by supply and demand.
Prices are high because supplies are tight and demand is high. Fuel demand has rebounded to pre-pandemic levels at a time when the Ukraine war is tightening the screws, pushing oil and refined products from Russia — a major world exporter — from the market. The interplay between the loss of Russian supply and recovering post-pandemic economies is putting pressure on producers and refiners everywhere to step up to the plate and increase their output.
A lot. Fuel demand tanked when the pandemic hit, hammering refineries and oil producers as prices fell to record lows. To weather the storm, they laid off workers, wound down rigs and shuttered refineries.
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