Gas Prices to Drop to ‘Pre-Bidenomics’ Levels at Pumps Nationwide: Here’s Why

By: Georgia | Published: May 22, 2024

This week marks the start of an ambitious campaign by Americans for Prosperity (AFP) to take gas prices back to what they were four years ago. 

Across the country, participating gas stations will dial down their prices to as low as $2.38 per gallon, reminiscent of the rates on the day President Biden took office. AFP’s goal? Give drivers a taste of “pre-Bidenomics” prices once more.

AFP's Motive: Spotlight on Energy Policies

AFP is taking this step to underline the consequences of the current administration’s energy policies. 

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A protest sign reading "Ticket Required for Gas!" with a card labeled "Golden Ticket" and a flyer with President Biden's image stating "Bidenomics is bad economics."

Source: Ash8156/X

Akash Chougule, AFP’s Vice President of Government Affairs, stated, “Biden’s war on American energy has had disastrous results and Americans are reeling from high gas prices going into the summer.”

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The Campaign Kick-Off

Monday morning saw the first rollback event at a Sunoco station on Penn Avenue in Pittsburgh. This initiative will span several days, concluding on May 29 at a station in Oregon. 

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Two individuals standing side by side, each wearing a t-shirt featuring a satirical design with President Biden's image and text "Bidenomics is bad economics."

Source: AFPPennsylvania/X

AFP anticipates that these lower prices will benefit at least 4,000 motorists, offering substantial savings at a critical time.

Politicians Join the Fray

Senator Cynthia Lummis of Wyoming is not just voicing her support but actively participating by pumping gas in Wyoming this week. 

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President Joe Biden speaking at a podium with "Bidenomics" signage in a factory setting, with industrial equipment in the background

Source: POTUS/X

She expressed her concerns, saying: “Since President Biden took office, his spending spree has resulted in the people of Wyoming paying nearly $1200 more a month for basic goods and services. I look forward to joining Americans for Prosperity of Wyoming for this gas rollback event where people will not only save at the pump, but be reminded of the real impact the Biden administration has on their pocketbooks.”

Inflation and Fuel Price Surge

The inflation rate, which peaked at 9% last year under Biden, has decreased slightly to 3.4%, yet it still overshoots the Federal Reserve’s 2% target. 

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Close-up of a gas pump at a service station showing various fuel options.

Source: Dawn McDonald/Unsplash

Concurrently, the national average for a gallon of gas stands at $3.59, a stark 50% increase since January 2021.

Partisan Responses to Rising Costs

As energy prices have surged by 41% in four years, Republican leaders blame Biden’s energy policies for the hike. 

President Joe Biden speaking at a podium in the White House, gesturing with his hand.

Source: POTUS/X

Meanwhile, White House economic adviser Lael Brainard assures the public, saying at April’s Semafor’s World Economy Summit, as CNBC reported, “There are of course things that have been done in the past and we’ll continue to very closely monitor, make sure that gas prices remain affordable for so many American families going into the summer driving season.”

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Trends in Gas Prices

Recent data from GasBuddy indicates a slight easing in gas prices, now at an average of $3.58 per gallon across the country. 

Two Shell V-Power Nitro+ gas pumps at a station during nighttime, illuminated by station lights

Source: Jakob Rosen/Unsplash

This information, derived from over 12 million price reports, points to a steady, albeit slow, decrease in fuel costs.

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AAA Weighs In on Price Trends

Andrew Gross of AAA shed light on the sluggish decline in fuel prices, attributing it to low domestic demand and stable oil prices under $80 a barrel. 

Close-up of a man's hand holding a gas pump nozzle while refueling a dark-colored car.

Source: Erik Mclean/Unsplash

He predicts, “Barring some unforeseen event, this pokey drop in pump prices is not likely to change anytime soon,” signaling a protracted period of modest price adjustments.

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Strategic Petroleum Reserve Drawdown

In a move to counteract rising fuel costs, President Biden authorized the release of 180 million barrels from the Strategic Petroleum Reserve last year.

President Joe Biden speaking at a podium with a teal backdrop featuring stars and the National Association of Counties logo

Source: POTUS/X

This reduced its levels to a multi-decade low of about 365 million barrels.

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Trump’s Energy Promises

Donald Trump, eyeing a comeback in 2024, has committed to reducing fuel prices to what they were during his tenure by promoting more drilling. 

Former President Donald Trump speaking at a podium with a serious expression, with "TRUMP" banners in the background

Source: Wikimedia Commons

His mantra, “drill, baby, drill,” suggests a stark contrast in energy policy direction if he were to win the presidency again.

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Biden Might Tap Into SPR Again

With the presidential election looming and persistent concerns over gas prices, Biden’s team is considering another release from the Strategic Petroleum Reserve. 

President Joe Biden sitting at a table in a discussion setting

Source: POTUS/X

John Podesta, a senior adviser, hinted at this possibility last month at the BNEF Summit in New York, stating, “The president did it before… and I think he wants to keep the price of gasoline affordable, and he will do what he can to make sure that happens.”

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Anticipating Future Gas Price Trends

As summer approaches, the potential rise in travel could influence gas prices significantly. 

Night view of an Exxon gas station with bright neon lights and a Subway restaurant sign in the background

Source: Raymond Kotewicz/Unsplash

The current administration remains committed to ensuring gas remains affordable, while consumers and market analysts closely watch for any signs of fluctuation that could impact their travel plans and budgets.

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