Biden says falling gas prices show his 'program is working' - ABC News

  

Category:  News & Politics

Via:  jbb  •  one month ago  •  56 comments

By:   ABC News

Biden says falling gas prices show his 'program is working' - ABC News
He said the cost at the pump has dropped for 25 consecutive days.

S E E D E D   C O N T E N T



President Joe Biden on Friday touted falling gas prices, robust new jobs numbers and a low unemployment rate to make the case that his economic program and fight to bring inflation down is "working."

"The unemployment rate is near a historic low of 3.6%. The private sector jobs are at a record high," he said at a White House event about abortion. "Gas prices are still way too high, and have fallen 25 days in a row. And this week we saw the second largest single day decrease in gas prices in a decade. We still have a lot of work to do ... But I am suggesting we are making significant progress. The program is working."

The national average for a gallon of gas stood at $4.72 Friday, down three cents from Thursday and about 12 cents since this time last week, according to AAA.

The average cost for gas peaked at $5.01 per gallon on June 14, according to AAA, and the price of crude oil fell below $100 per barrel this week for the first time since May 11.

Relief at the pump comes as global demand for commodities slows, resulting in lower prices for crude oil copper, cotton, and lumber.

"I think the reason why oil prices are going down now is because the prospect that we do see an economic slowdown," GasBuddy's head of petroleum analysis Patrick De Haan told ABC News Thursday.

If that trend continues, a potential recession could prove politically problematic for Biden and fellow Democrats ahead of the midterm elections in November. Building a strong economy was a priority in the Democratic party's 2020 platform.

"But, if all of a sudden, the worries over the recession fade, we can see oil prices go right back up," De Haan said.

A hurricane making landfall near a refinery, such as one in Louisiana, could also cause prices to rise.

In the coming weeks, what Americans pay at the pump in some states could fall another 25 to 50 cents per gallon on average, De Haan said.

Some stations around the country have already lowered prices to the mid-three-dollar range.

The president's remarks Friday are the latest in a largely unsuccessful White House effort to counter damaging daily headlines about skyrocketing prices at the pump.

What began with attributing the rise in prices to Russia's invasion of Ukraine became a proposal to suspend the federal gas tax for three months. But that plan found little support among Republicans and Democrats in Congress. Some Republican senators called the proposal to halt the 18-cent tax a gimmick, while some Democrats said it might not work.

The president also floated offering rebate cards to Americans in June, but the Washington Post reported a chip shortage would make it challenging to produce the cards.

Secretary of Energy Jennifer Granholm then met with top oil executives late last month to discuss how their companies might help ease pain at the pump, but some analysts say it is unlikely the current price drop is related to the administration's lobbying efforts.

The falling price of crude oil and weakened demand have driven the cost of gas down and the industry is also working through higher-cost inventory, according to investment research firm Third Bridge's global lead for energy Peter McNally.

"That is bringing prices at the pump down, not the president telling the corner gas station to do it," McNally said Thursday.

The White House doubled down this week, again calling for Congress to suspend the federal gas tax Thursday and blaming Russia's invasion of Ukraine Friday.

"Wholesale gas prices are down by $1 per gallon," White House press secretary Karine Jean-Pierre told reporters Thursday. "Retail gas prices have only come down by about 20 cents over the same period. More work needs to be done."

But gas stations are slowly lowering their prices as they try to recapture some of their margins from when prices rose, De Haan said. Stations are behind the curve when their costs rise for up to five days, as raising prices is difficult if other stations do not adjust theirs, he said.

The White House and the Federal Reserve deserve some credit for recognizing inflation as a serious challenge, University of Houston petroleum engineering professor Ramanan Krishnamoorti said Thursday.

The FED raising interest rates last month "certainly slowed down some of the price exuberance we've seen with inflation," he said.

The government's release of 100 million oil barrels from the Strategic Petroleum Reserve year-to-date has also helped. Releasing oil has added supply to the market, likely preventing prices from going higher, McNally said.


Tags

jrDiscussion - desc
[]
 
JBB
Professor Principal
1  seeder  JBB    one month ago

Meanwhile back here in reality gas prices are down...

 
 
 
Texan1211
Professor Principal
1.1  Texan1211  replied to  JBB @1    one month ago
Meanwhile back here in reality gas prices are down...

And yet, still FAR above where they were when Biden took office.

 
 
 
squiggy
Sophomore Quiet
1.2  squiggy  replied to  JBB @1    one month ago

He's got 'em by the balls now!

 
 
 
Kavika
Professor Principal
2  Kavika     one month ago
Meanwhile back here in reality gas prices are down...

They are down quite a bit here as well.

New jobs reports was 372,000. Good news

 
 
 
JBB
Professor Principal
2.1  seeder  JBB  replied to  Kavika @2    one month ago

Yes, we are at full employment, wages are way up and corporations making record profits. The Horror!

 
 
 
Ender
Professor Principal
2.1.1  Ender  replied to  JBB @2.1    one month ago

And McConnel had the nerve to say people won't go back to work because they still have stimulus money...

 
 
 
Texan1211
Professor Principal
2.1.2  Texan1211  replied to  JBB @2.1    one month ago
wages are way up

And are eaten up totally by inflation.

How is that stock market lately? You haven't written anything about it this whole year that I have seen after touting it daily almost last year.

 
 
 
Drinker of the Wry
Freshman Principal
2.1.3  Drinker of the Wry  replied to  JBB @2.1    one month ago

Exactly, wage growth exceeds inflation, the stock market is great, income inequality is disappearing, US debt is disappearing and American confidence has never been higher.

 
 
 
Split Personality
Professor Principal
2.2  Split Personality  replied to  Kavika @2    one month ago

I paid $5.34 a few weeks ago in Austin.

All of the Quick Trips here in DFW are between 3.94 and 4.03 today

QT is the Texas equivalent of WaWa.

They make more $$ making sandwiches & bottled water than the gas pumps will ever generate.

 
 
 
Ender
Professor Principal
2.2.1  Ender  replied to  Split Personality @2.2    one month ago

Sorry, off topic JBB, I know. You can delete if you want.

I just saw a show on Vice about Blue Bell ice cream. About how they intentionally knew their product was contaminated and sent it out anyway. Sent it to hospitals and other places with compromised people.

The people of Texas rallied around the company and would not believe they did that and still ate the ice cream...

 
 
 
Drinker of the Wry
Freshman Principal
2.2.2  Drinker of the Wry  replied to  Split Personality @2.2    one month ago

My god, you were in Texas, what were you thinking, man?

 
 
 
magicschoolbusdropout
Freshman Expert
2.3  magicschoolbusdropout  replied to  Kavika @2    one month ago
They are down quite a bit here as well.

At Costco anyway !

Of course.... Costco charges a fee to have their card in order to get thier "Cheaper" gas.

Wonder where the Poor folks are going for fuelish fillups?

 
 
 
MrFrost
Professor Principal
2.3.1  MrFrost  replied to  magicschoolbusdropout @2.3    one month ago

512

 
 
 
Right Down the Center
Sophomore Guide
3  Right Down the Center    one month ago

It is sad that biden thinks the American people are stupid enough to believe the shit he shovels almost daily.

 
 
 
JBB
Professor Principal
3.1  seeder  JBB  replied to  Right Down the Center @3    one month ago

Sad is Americans blaming their own President for the rising prices caused by Putin's war in Ukraine...

 
 
 
magicschoolbusdropout
Freshman Expert
3.1.1  magicschoolbusdropout  replied to  JBB @3.1    one month ago
Putin's war in Ukraine...

Being a Surrogate doesn't pay much...... Does it ?

Maybe at least fill your tank to "half full", or would that be "Half Empty" ?

 
 
 
Right Down the Center
Sophomore Guide
3.1.2  Right Down the Center  replied to  JBB @3.1    one month ago

Even though the prices were going up before the war started. He doesn't get a pass just because he is president.  Keep enjoying your cool aid

 
 
 
JBB
Professor Principal
3.1.3  seeder  JBB  replied to  Right Down the Center @3.1.2    one month ago

Yes, world markets anticipated Putin's war in Ukraine. 

 
 
 
Right Down the Center
Sophomore Guide
3.1.4  Right Down the Center  replied to  JBB @3.1.3    one month ago

Joe could piss down your neck and tell you it is raining and you would try to explain why the rain is yellow. Give it up, fewer and fewer Americans are buying it. 88 percent at last count.

 
 
 
JBB
Professor Principal
3.1.5  seeder  JBB  replied to  Right Down the Center @3.1.4    one month ago

You make our President, Joe Biden, sound like a monster. Joe spent his whole life in honorable service to America, winding up as President of the United States. So, get real!

 
 
 
Right Down the Center
Sophomore Guide
3.1.6  Right Down the Center  replied to  JBB @3.1.5    one month ago

Not a monster, just an incompetent idiot. 

 
 
 
JBB
Professor Principal
3.1.7  seeder  JBB  replied to  Right Down the Center @3.1.6    one month ago

So how do you explain Joe whooping Trump?

He beat the other Democrats and Trump, too!

That doesn't sound like an idiot. He is POTUS.

 
 
 
Texan1211
Professor Principal
3.1.8  Texan1211  replied to  JBB @3.1.7    one month ago

winning an election  and effectively  acting  as President  are two different  things. 

did you learn nothing  from the Trump Presidency?

 
 
 
Drinker of the Wry
Freshman Principal
3.1.9  Drinker of the Wry  replied to  JBB @3.1.7    one month ago

Exactly, you would think that would have earned him respect from at least the other Dems.

 
 
 
Right Down the Center
Sophomore Guide
3.1.10  Right Down the Center  replied to  JBB @3.1.7    one month ago

He beat trump because he wasn't trump. Since Trump was also president I am sure you are more than willing to take back everything bad that you have ever said about him.

Joe proves every day he is out of touch with reality and he has trouble stringing a coherent sentence together, even if it is written down for him. His policies are a disaster and the only thing he has ever done since being elected is to try to blame his self made disaster on everyone else. I don't know how you define idiot but Joe quaifies for an idiot by any metic. The only people I would consider bigger idiots are the ones that would vote for him again. 

 
 
 
JBB
Professor Principal
3.1.11  seeder  JBB  replied to  Drinker of the Wry @3.1.9    one month ago

It did. All of the other Democratic candidates, there were about twenty, endorsed Biden...

 
 
 
Drinker of the Wry
Freshman Principal
3.1.12  Drinker of the Wry  replied to  JBB @3.1.11    one month ago

Doesn’t seem to have lasted very long.

 
 
 
Right Down the Center
Sophomore Guide
3.1.13  Right Down the Center  replied to  JBB @3.1.11    one month ago

They had to endorse him, you think they would have endorsed the alternative?

 
 
 
Mark in Wyoming
Professor Silent
3.1.14  Mark in Wyoming   replied to  JBB @3.1.7    one month ago
He is POTUS.

That and a buck fiddy , he might be able to afford a small cup of coffee in his economy......

 
 
 
Jack_TX
Senior Quiet
3.1.15  Jack_TX  replied to  Right Down the Center @3.1.4    one month ago
could piss down your neck and tell you it is raining and you would try to explain why the rain is yellow.

Please be advised that I intend to plagiarize this comment (probably frequently) in the near future.

I regret to inform you that no credit will be given.  

 
 
 
Right Down the Center
Sophomore Guide
3.1.16  Right Down the Center  replied to  Jack_TX @3.1.15    one month ago

All yours.

 
 
 
dennis smith
PhD Silent
3.1.17  dennis smith  replied to  JBB @3.1    one month ago

Sad that the left has said Biden did not have any control over gas prices rising but blamed everyone else and now those same people say he is responsible for lowering the price. 

 
 
 
dennis smith
PhD Silent
3.1.18  dennis smith  replied to  JBB @3.1.5    one month ago

His political life has been far from honorable. 

 
 
 
Drinker of the Wry
Freshman Principal
3.1.19  Drinker of the Wry  replied to  JBB @3.1.11    4 weeks ago

Haven't had time to keep up with the news lately?

 
 
 
Gazoo
Sophomore Silent
3.2  Gazoo  replied to  Right Down the Center @3    one month ago

Some of us are.

 
 
 
Right Down the Center
Sophomore Guide
3.2.1  Right Down the Center  replied to  Gazoo @3.2    one month ago

Yep, the same ones that like to try to convince others how 'enlightened ' they are yet fail miserably.

 
 
 
Ender
Professor Principal
3.3  Ender  replied to  Right Down the Center @3    one month ago

And people believe former presidents, people will believe the next president....

 
 
 
Sean Treacy
Professor Expert
4  Sean Treacy    one month ago

Great. Biden controls gas prices. 

It was $2.39 on average when he was sworn in.  His policies are responsible for the 83% increase since he was sworn in. 

 
 
 
Right Down the Center
Sophomore Guide
4.1  Right Down the Center  replied to  Sean Treacy @4    one month ago

Funny that when prices are skyrocketing he blames everyone else and when they come down he tries to take credit for it because of a plan that doesn't exist. And the sheep buy it with admiration in their eyes and Joe's.......in their ass.

 
 
 
Texan1211
Professor Principal
4.1.1  Texan1211  replied to  Right Down the Center @4.1    one month ago

it's  a miracle!

joe doesn't  control  prices but takes credit where none is due.

 
 
 
JBB
Professor Principal
4.1.2  seeder  JBB  replied to  Texan1211 @4.1.1    one month ago

That's a silly pronouncement in light of facts.

Joe acted to reduce prices and it is working...

 
 
 
Drinker of the Wry
Freshman Principal
4.1.3  Drinker of the Wry  replied to  JBB @4.1.2    one month ago
Joe acted to reduce prices and it is working...

Exactly, President Joe skillfully created conditions leading to concerns of a future economic slowdown.  Worries of a recession can influence the market and prices. 

 
 
 
Mark in Wyoming
Professor Silent
4.1.4  Mark in Wyoming   replied to  Texan1211 @4.1.1    one month ago
it's  a miracle!

yep like in shawshank ,  those prices up and dissappeared like a fart in the wind ....

 
 
 
Jack_TX
Senior Quiet
4.1.5  Jack_TX  replied to  Right Down the Center @4.1    one month ago
Funny that when prices are skyrocketing he blames everyone else and when they come down he tries to take credit for it because of a plan that doesn't exist.

I know, right?  Who does he think he is, Donald Trump?

 
 
 
Texan1211
Professor Principal
4.1.6  Texan1211  replied to  JBB @4.1.2    4 weeks ago
That's a silly pronouncement in light of facts.

Here are the FACTS:

Biden said he didn't control oil prices.

Biden's team said he didn't control them.

You and yours claimed he didn't control them.

Gas prices have skyrocketed under Biden.

Now, just because Biden said some mean things about oil companies and released some oil from the reserves, he is responsible for lower prices.

I ain't buying that shit, no sane person could.

 
 
 
JBB
Professor Principal
4.1.7  seeder  JBB  replied to  Texan1211 @4.1.6    4 weeks ago

Only if you are actually mentally incapable of understanding the not so subtle difference between controlling the price of oil and enacting policies to help alleviate a short term oil shortage by increasing the supply resulting in lower prices. Are you incapable?

 
 
 
Drinker of the Wry
Freshman Principal
4.1.8  Drinker of the Wry  replied to  JBB @4.1.7    4 weeks ago

Biden also took credit back in Dec when oil prices took a nosedive after the omicron variant sparked fears of renewed Covid slowdown.

 
 
 
Texan1211
Professor Principal
4.1.9  Texan1211  replied to  JBB @4.1.7    4 weeks ago

So Joe could have helped lower gas prices all along, but chose not to because he was more inclined to blame Putin?

Great job.

Hope you can understand.

 
 
 
Right Down the Center
Sophomore Guide
4.1.10  Right Down the Center  replied to  JBB @4.1.7    4 weeks ago

256

 
 
 
dennis smith
PhD Silent
4.1.11  dennis smith  replied to  JBB @4.1.7    4 weeks ago

Spin , spin, spin

 
 
 
dennis smith
PhD Silent
4.2  dennis smith  replied to  Sean Treacy @4    one month ago

He is sending our strategic reserves overseas instead of using them for America. There are actually some who try in vain to spin this as a great thing. 

 
 
 
Revillug
Freshman Guide
5  Revillug    one month ago

If rising gas prices are proof that Biden is failing then falling gas prices are proof that he is succeeding.

I'm unimpressed with both theories.

Everyone is probably numb in the ears from hearing about supply chain disruptions. A lot of the supply chain is beyond our borders so there is only so much we can do in that regard beyond examining our tariffs to see if some of them are a bad idea. (There was a time conservatives thought all of them were a bad idea.)

But there is also a labor shortage to be dealt with. There are approximately two job openings for every job seeker.

There are (at least) two things we could do to address this. One would be to ease up on immigration restrictions. Immigrant labor might be particularly helpful to the oil industry. Another thing we could do is make child care affordable or nearly completely subsidized. This would obviously make it easier for many women to enter the work force.

 
 
 
Jack_TX
Senior Quiet
5.1  Jack_TX  replied to  Revillug @5    one month ago
I'm unimpressed with both theories.

Correctly so.

 
 
 
Tacos!
Professor Expert
6  Tacos!    one month ago

Wait . . . There was a plan? Since when? I thought high gas prices were Putin’s fault.

 
 
 
Right Down the Center
Sophomore Guide
6.1  Right Down the Center  replied to  Tacos! @6    one month ago

His plan was to monitor the situation until it happened to turn around and then try and take credit for it hoping his minions would believe him. .

 
 
 
Nerm_L
PhD Principal
7  Nerm_L    one month ago

Interesting how this coincides with SCOTUS putting a stop to the expanding autocratic authority of EPA.  Apparently blocking Biden's policy agenda is good for the economy.  Still think we need more Democrats in Congress?

 
 

Who is online













devangelical
MrFrost
Drakkonis


42 visitors