Europe is far more reliant on Russia’s oil, and has far less ability to compensate to make up for the lack of oil it’s getting, forcing gas prices up. Supply and demand are largely out of Biden’s control, but the administration hasn’t exactly been sending positive signals to the oil and gas industry by pushing for reduced emissions and other forms of cleaner energy, the Times report noted.īut, as the Times article said, that stance has played only a "very, very small role in pushing gas prices up."Īnother factor linked to rising gas prices: The Russian invasion of Ukraine and the economy-choking sanctions placed upon Russia by the United States and other countries.Īccording to the PolitiFact National report, Russian oil accounts for about 4% of America’s supply. So producers of gasoline started decreasing output.Īs those restrictions have loosened and life has returned to normal, demand for gas has gone up, the report said, with demand now outpacing the limited supply of gas. There was more gasoline available than consumers looking to buy it. The report notes that during the early months of the pandemic, when people were largely confined to their homes in hopes of limiting the spread of the virus, gas prices plummeted. One of the biggest: The coronavirus pandemic.Īccording to a Mareport from the New York Times, gas prices have risen largely in response to the ongoing impact of the coronavirus pandemic and the disruptions it caused to global supply and demand.
The Keystone XL was not projected to be finished until the first quarter of 2023.īut there have been other factors as well. What’s more, the action did not shut down any existing supply. "There are 95 million (barrels) per day of global oil production, and only 0.5 million barrels per day from the Keystone XL so it would have a very small effect, when it would come online," Nemet said in an email. As of March 2022, prices were around $4 a gallon, on average, according to PolitiFact.Īside from that, the halt of the Keystone XL pipeline, which many Republicans have pointed to as a cause for rising prices, would have likely had a very miniscule impact on the global oil trade, said Gregory Nemet, a professor at the University of Wisconsin-Madison’s La Follette School of Public Affairs. In January 2021, when Biden was inaugurated, gas prices were already at $2.33 per gallon, ahead of any policies put into place by the new administration. According to a Mapiece from PolitiFact National, gas prices were the lowest in May 2020 at $1.87 per gallon, but since then have experienced upward growth. Gas prices have been rising since the initial wave of the coronavirus hit the United States in early 2020. So let’s take a look there first: Were gas prices forced upward because of policies like these, enacted by the Biden Administration? When we reached out to Johnson’s office, aides sent a host of information about the senator’s claim, arguing that President Joe Biden’s policies regarding American oil production and transportation are to blame for the hike in prices.Īlexa Henning, Johnson’s deputy chief of staff for communications, cited suspension of drilling and mining on Bureau of Land Management property, the cancellation of the Keystone XL pipeline and signing an executive order barring federal funding from being used to subsidize fossil fuels. Coronavirus, Russian invasion of Ukraine playing major role in prices
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