Biden Faces Challenges as Gas Prices Soar

Gas prices in the US have risen by an average of 30 cents per gallon in the past month, reaching $3.83 per gallon. This increase could pose a challenge to President Joe Biden’s reelection strategy in 2024. Planned cuts in OPEC+ production led by Saudi Arabia and Russia are expected to further push up prices, alongside increased energy demand during the summer. Republicans have criticized Biden’s green policies, linking them to the rising cost of gasoline. Rising oil prices also threaten to exacerbate inflationary pressures in the American economy, as they increase transportation and production costs in other sectors. To address surging gas prices before the midterm elections, Biden released millions of barrels of oil from the strategic petroleum reserve (SPR), which may take decades to refill to peak levels. Last week, the Biden administration delayed refilling the SPR due to unfavorable market conditions.

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