"Gas prices are UP 55.3% under Biden," tweets @NRCC.
Gas prices are UP 55.3% under Biden. pic.twitter.com/MB92kZHa4j
— NRCC (@NRCC) June 30, 2024
That graphic indicates that during President Joe Biden's tenure, it has become more than halfway to 100 percent more expensive to fuel a vehicle.
The following exercise uses basic math and general numbers. A 55.3 percent increase of $3-per-gallon gasoline equals $4.66-per-gallon, of $4-per-gallon gasoline equals $6.21-per-gallon. A consumer buying 20 gallons of gasoline at $3-per-gallon pays $60; that same consumer buying the same amount, 20 gallons of gasoline, at a price that is 55.3 percent higher, $4.66-per-gallon, pays $93.20. A consumer buying 10 gallons of gasoline at $4-per-gallon pays $40; that same consumer buying the same amount, 10 gallons of gasoline, at a price that is 55.3 percent higher, $6.21-per-gallon, pays $62.10. There is a significant increase in both cases.
From personal travel to mass transportation to business travel to shipping to supplying, the U.S. economy is inextricably woven together by gasoline. When the price of gasoline increases, it affects everyone and everything in an economy. When gas prices rise, it is felt and paid for by all consumers. A significant hike in gas prices amounts to a tax-burden on the entire economy, though it is not directly levied by government. An argument can be made that government, through regulations and other taxes, contributes to higher gas prices.
It is an uneasy subject for Democrats, gas prices are, because they tend to conflate the refining and manufacturing of crude oil with poor stewardship of the environment. But Democrats deny reality when they ignore high fuel costs. The U.S. economy subsists on fossil fuels. They deny reality in this way, as they accuse others of denying reality.
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