Gas Prices and Energy Claims at the Republican National Convention

Gas Prices at the Republican National Convention

The first day of the Republican National Convention was dominated by discussions around the soaring energy prices, with multiple speakers pointing fingers at President Biden’s policies for the surge in gasoline and electricity costs since 2021. Let’s delve into some of the claims made:

Gas Price Claims:

• “The day Joe and Kamala walked into office, gas was cheaper.” – Senator Marsha Blackburn of Tennessee
• “Gas is up 48 percent.” – Senator Katie Britt of Alabama

This requires context: The average gasoline price has increased by approximately 48 percent since President Biden assumed office in early 2021. However, experts suggest that global market dynamics influencing oil prices typically play a more significant role in U.S. gasoline costs than any specific administration.

In recent years, global oil prices experienced significant fluctuations due to events such as the pandemic-induced economic shutdown in 2020, the subsequent rebound in 2021, and the impact of the Russia-Ukraine conflict in 2022. While President Trump advocated for increased domestic drilling to lower oil prices, the correlation between drilling and gasoline prices is not straightforward. Despite higher crude oil production under the Biden administration compared to Trump’s era, gasoline prices remain elevated, indicating the influence of various other factors like global demand and production levels.

Electricity Claims:

• “Biden and Harris outsourced our energy supply, driving electricity prices up over 29 percent.” – Senator Marsha Blackburn of Tennessee