White House taking Partial Credit for Pre-Ukraine Invasion Gas Prices

Larry Lease

The White House is taking credit for the fall in gas prices despite a wide range of factors.Photo byJack Prichett/UnsplashonUnsplash

Texas drivers are witnessing gas prices starting to decline and have reached lower levels than before Putin's invasion of Ukraine in February. However, they are still higher than last November when President Joe Biden first announced strategic petroleum reserves releases because gas prices were increasing.

The White House credited the president's actions to lower prices. However, economists are pointing to other factors at play. Fox 4 reports that the national average is $3.54 a gallon. Gas prices have declined nearly 30% since the summer. President Biden's Chief Economic Advisor Jared Bernstein told the press:

"Texas has the lowest gas price in the nation right now at $2.85 a gallon."

Texans are reaping the benefits of nearby oil refineries and lower gas prices. Meanwhile, Bernstein touts the president's actions for playing an important part in the drop in gas prices saying:

"A number of months ago, the president oversaw the release of 180 million barrels of oil from the strategic reserve," "I want to be clear. When I'm talking about release from reserves, I am by no means saying that is the only thing going on. Every time you hear China going one way or another, very quickly the price of oil moves following that news."

Fox 4 reports that Bruce Bullock from SMU's Cox Maguire Energy Institute says the main reason for prices declining is the fact that China is still locked down and their demand is lower than what it would normally be. The lower gas prices are said to come later with a price.

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I specialize in crime, entertainment and political stories. I have spent eight years as a freelance writer and journalist.

Dallas, TX

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