Opinion: Let’s be honest about what really caused the gas price spike
By the Editorial Board
March 20, 2022 at 8:00 a.m. EDT
A sign displays current fuel prices at a gas station in Arlington on March 16. (Saul Loeb/AFP/Getty Images)
Gift Article
Share
U.S. gas prices are up nearly $1.50 from a year ago. Americans are feeling the pinch and looking for someone to blame. At the top of the list should be Russian President Vladimir Putin. Since his brutal invasion of Ukraine, gas prices surged almost 80 cents — accounting for more than half of the increase.
Get the full experience.
Choose your plan
The second biggest driver of high gas prices is rebounding demand as the U.S. economy recovers from the deadly pandemic. The increase of roughly 70 cents that occurred before Mr. Putin’s invasion is largely due to people venturing out again for travel, work and school, and the surge in truckers crisscrossing the nation to move goods. Though President Biden’s hefty stimulus package added somewhat to inflation, the reopening effect was far larger. But predictably, especially given that this is an election year with control of both houses of Congress in the balance, Republican politicians are blaming Mr. Biden for pain at the pump. Stickers are popping up on gas pumps with a photo of Mr. Biden and the words “I did that.”
The reality is, presidents have little influence on gas prices. Oil trades in a global market. Drilling in the United States is done by private companies, not the government. Americans also have other priorities right now, including doing what they can to tip the balance in Ukraine against the aggressors. Poll after poll shows the vast majority support cutting off Russian oil imports, even if it means prices go up.
Story continues below advertisement
So what can be done to lower gas prices? The biggest help would be more oil supply coming to the world market from Saudi Arabia, the United Arab Emirates, Iran or Venezuela. There are already efforts to make this happen. U.S. oil production also appears to be rising, spurred by higher oil prices. And there are signs the global economy, especially China, is slowing, meaning less demand for oil.
Mr. Biden could release more oil from Strategic Petroleum Reserve, but it would have minimal impact. Cutting gas taxes, another idea that politicians turn to when oil prices are rising, would be a mistake. It would likely cause a surge in gas purchases and a loss of revenue for road repairs, as well as bring more profit for oil companies, which would likely raise gas prices a bit. Mr. Biden is also berating businesses for price gouging. But it has long been true that gas prices have a tendency to rise much faster than they fall, and presidential tweets are unlikely to change that.
A better step Mr. Biden could take is to work with Congress to pass aid for lower-income families if gas prices remain high. This could have a double benefit of offsetting higher costs and encouraging households to conserve energy so they can keep any leftover money.
With gasoline prices at historically high levels, Americans are demanding relief. Any solution should begin with some honesty from their leaders about what — and who — is to blame, as well as an acknowledgment of the fact that many of the forces currently driving costs upward are simply beyond anyone’s control.
The Post’s View | About the Editorial Board
Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the Editorial Board, based in the Opinions section and separate from the newsroom.
That said, prices of gasoline, diesel, and other oil products are already significantly higher than before the onset of the COVID-19 pandemic. While rates initially dropped due to the lockdowns and the resulting decrease in demand for oil products, they eventually increased as the global and national economies recovered for the past two years. This is amplified by the weakening of the value of peso to dollar, another impact of said health crisis.
Answers & Comments
Answer:
Accessibility statementSkip to main content
Democracy Dies in Darkness
Opinions
Editorial Board
The Opinions Essay
Global Opinions
Voices Across America
Post Opinión
D.C., Md. & Va.
Cartoons
Newsletters
THE POST'S VIEW
Opinion: Let’s be honest about what really caused the gas price spike
By the Editorial Board
March 20, 2022 at 8:00 a.m. EDT
A sign displays current fuel prices at a gas station in Arlington on March 16. (Saul Loeb/AFP/Getty Images)
Gift Article
Share
U.S. gas prices are up nearly $1.50 from a year ago. Americans are feeling the pinch and looking for someone to blame. At the top of the list should be Russian President Vladimir Putin. Since his brutal invasion of Ukraine, gas prices surged almost 80 cents — accounting for more than half of the increase.
Get the full experience.
Choose your plan
The second biggest driver of high gas prices is rebounding demand as the U.S. economy recovers from the deadly pandemic. The increase of roughly 70 cents that occurred before Mr. Putin’s invasion is largely due to people venturing out again for travel, work and school, and the surge in truckers crisscrossing the nation to move goods. Though President Biden’s hefty stimulus package added somewhat to inflation, the reopening effect was far larger. But predictably, especially given that this is an election year with control of both houses of Congress in the balance, Republican politicians are blaming Mr. Biden for pain at the pump. Stickers are popping up on gas pumps with a photo of Mr. Biden and the words “I did that.”
The reality is, presidents have little influence on gas prices. Oil trades in a global market. Drilling in the United States is done by private companies, not the government. Americans also have other priorities right now, including doing what they can to tip the balance in Ukraine against the aggressors. Poll after poll shows the vast majority support cutting off Russian oil imports, even if it means prices go up.
Story continues below advertisement
So what can be done to lower gas prices? The biggest help would be more oil supply coming to the world market from Saudi Arabia, the United Arab Emirates, Iran or Venezuela. There are already efforts to make this happen. U.S. oil production also appears to be rising, spurred by higher oil prices. And there are signs the global economy, especially China, is slowing, meaning less demand for oil.
Mr. Biden could release more oil from Strategic Petroleum Reserve, but it would have minimal impact. Cutting gas taxes, another idea that politicians turn to when oil prices are rising, would be a mistake. It would likely cause a surge in gas purchases and a loss of revenue for road repairs, as well as bring more profit for oil companies, which would likely raise gas prices a bit. Mr. Biden is also berating businesses for price gouging. But it has long been true that gas prices have a tendency to rise much faster than they fall, and presidential tweets are unlikely to change that.
A better step Mr. Biden could take is to work with Congress to pass aid for lower-income families if gas prices remain high. This could have a double benefit of offsetting higher costs and encouraging households to conserve energy so they can keep any leftover money.
With gasoline prices at historically high levels, Americans are demanding relief. Any solution should begin with some honesty from their leaders about what — and who — is to blame, as well as an acknowledgment of the fact that many of the forces currently driving costs upward are simply beyond anyone’s control.
The Post’s View | About the Editorial Board
Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the Editorial Board, based in the Opinions section and separate from the newsroom.
ANSWER:
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
That said, prices of gasoline, diesel, and other oil products are already significantly higher than before the onset of the COVID-19 pandemic. While rates initially dropped due to the lockdowns and the resulting decrease in demand for oil products, they eventually increased as the global and national economies recovered for the past two years. This is amplified by the weakening of the value of peso to dollar, another impact of said health crisis.
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHAEWRITES☂︎HOPE IT HELPS!
I'll really appreciate it if you mark this the brainliest.Thanks in advance!