Gas Prices Have More Than Doubled Under Biden, Now More Than 5$ Per Gallon

The national average price of gas in the United States has more than doubled since President Biden took office – reaching over $5 per gallon for the first time ever this week, according to GasBuddy.

When Biden took office on January 20, 2021, the average price per gallon was $2.40. Last weekend, the average price per gallon reached $4.80 and has since soared to more than $5 per gallon.

Biden has attempted to blame the record high gas prices on Russian President Vladimir Putin’s invasion of Ukraine, calling it “Putin’s Price Hike” and falsely claiming that “gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine.”

However, gas prices have not increased by $2 since Russia invaded Ukraine and they have been steadily climbing since Biden’s inauguration. From January 20, 2021, to February 21, 2022, gas prices soared from $2.40 per gallon to more than $3.53 per gallon. The nearly 50 percent increase in gas prices occurred before the Russian invasion of Ukraine which occurred on February 24, 2022.

Experts believe that gas prices will continue to rise through the summer. According to Natasha Kaneva, head of global oil and commodities research at JPMorgan, the United States was going to face a “cruel summer” as gas prices dwarf their already record highs.

“With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average,” she wrote in a research document.

Patrick De Haan, head of petroleum analysis at GasBuddy, similarly warned that gas prices will continue to increase.

“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” he said. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”