Monday’s denial by the White House was not a sign of a double standard in gasoline prices.
Jared Bernstein is a senior economic advisor. The White House Press Conference asked Bernstein if it was fair that administration officials take credit for the drop in gasoline prices after they spent months blaming Russia.
Bernstein stated that President Biden was tirelessly working to lower rising inflation, particularly in relation to gasoline prices.
According to the White House, gasoline prices have dropped by nearly 50 cents per gallon over the past 30 days. Officials believe the drop is due to Biden’s decision not to tap the Strategic Petroleum Reserve, and to encourage U.S. ally to pump more oil.
Biden blamed Russia, which caused a rise in gasoline prices early in the year. The administration has maintained for years that the invasion caused disruptions in global energy markets.
Biden’s defense ignores the fact that gasoline prices have already risen more than one dollar between February 2021-2022.