Nick Loris outlines how Joe Biden can help lower gas prices in The New York Post.
For the first time in nearly 14 years, the national average price for gasoline surpassed $4 per gallon. The price at the pump is up more than 40 cents per gallon from just a week ago and $1.30 per gallon higher from one year ago. In a matter of days, the nationwide average price could be the highest ever recorded.
What’s going on and what can Washington do about it?
The price of crude oil makes up the largest share (43%) of the price of a gallon of gasoline. Refining (25%) and federal and state taxes (22%) follow. As a globally traded commodity, the supply and demand for oil internationally affects prices in America.
While frustrated motorists may be tempted to slap a Joe Biden “I Did That!” sticker on their local gas pump, the reality is gas prices have steadily increased since the summer of 2020. Demand outpaced supply as countries relaxed travel restrictions, people returned to work, and economic activity picked up.
Read the full article on The New York Post.