This week marks the start of an ambitious campaign by Americans for Prosperity (AFP) to take gas prices back to what they were four years ago.
Across the country, participating gas stations will dial down their prices to as low as $2.38 per gallon, reminiscent of the rates on the day President Biden took office. AFP’s goal? Give drivers a taste of “pre-Bidenomics” prices once more.
AFP’s Motive: Spotlight on Energy Policies
AFP is taking this step to underline the consequences of the current administration’s energy policies.
Akash Chougule, AFP’s Vice President of Government Affairs, stated, “Biden’s war on American energy has had disastrous results and Americans are reeling from high gas prices going into the summer.”
The Campaign Kick-Off
Monday morning saw the first rollback event at a Sunoco station on Penn Avenue in Pittsburgh. This initiative will span several days, concluding on May 29 at a station in Oregon.
AFP anticipates that these lower prices will benefit at least 4,000 motorists, offering substantial savings at a critical time.
Politicians Join the Fray
Senator Cynthia Lummis of Wyoming is not just voicing her support but actively participating by pumping gas in Wyoming this week.
She expressed her concerns, saying: “Since President Biden took office, his spending spree has resulted in the people of Wyoming paying nearly $1200 more a month for basic goods and services. I look forward to joining Americans for Prosperity of Wyoming for this gas rollback event where people will not only save at the pump, but be reminded of the real impact the Biden administration has on their pocketbooks.”
Inflation and Fuel Price Surge
The inflation rate, which peaked at 9% last year under Biden, has decreased slightly to 3.4%, yet it still overshoots the Federal Reserve’s 2% target.
Concurrently, the national average for a gallon of gas stands at $3.59, a stark 50% increase since January 2021.
Partisan Responses to Rising Costs
As energy prices have surged by 41% in four years, Republican leaders blame Biden’s energy policies for the hike.
Meanwhile, White House economic adviser Lael Brainard assures the public, saying at April’s Semafor’s World Economy Summit, as CNBC reported, “There are of course things that have been done in the past and we’ll continue to very closely monitor, make sure that gas prices remain affordable for so many American families going into the summer driving season.”
Trends in Gas Prices
Recent data from GasBuddy indicates a slight easing in gas prices, now at an average of $3.58 per gallon across the country.
This information, derived from over 12 million price reports, points to a steady, albeit slow, decrease in fuel costs.
AAA Weighs In on Price Trends
Andrew Gross of AAA shed light on the sluggish decline in fuel prices, attributing it to low domestic demand and stable oil prices under $80 a barrel.
He predicts, “Barring some unforeseen event, this pokey drop in pump prices is not likely to change anytime soon,” signaling a protracted period of modest price adjustments.
Strategic Petroleum Reserve Drawdown
In a move to counteract rising fuel costs, President Biden authorized the release of 180 million barrels from the Strategic Petroleum Reserve last year.
This reduced its levels to a multi-decade low of about 365 million barrels.
Trump’s Energy Promises
Donald Trump, eyeing a comeback in 2024, has committed to reducing fuel prices to what they were during his tenure by promoting more drilling.
His mantra, “drill, baby, drill,” suggests a stark contrast in energy policy direction if he were to win the presidency again.
Biden Might Tap Into SPR Again
With the presidential election looming and persistent concerns over gas prices, Biden’s team is considering another release from the Strategic Petroleum Reserve.
John Podesta, a senior adviser, hinted at this possibility last month at the BNEF Summit in New York, stating, “The president did it before… and I think he wants to keep the price of gasoline affordable, and he will do what he can to make sure that happens.”
Anticipating Future Gas Price Trends
As summer approaches, the potential rise in travel could influence gas prices significantly.
The current administration remains committed to ensuring gas remains affordable, while consumers and market analysts closely watch for any signs of fluctuation that could impact their travel plans and budgets.
