President Biden faces political challenges in lowering gas prices ahead of the midterm elections.
Prices are over 18% higher than last year and have not been below $3/gallon in over 3 years under Biden.
Experts said Biden has boxed himself in with few good options to reduce prices.
When President Trump left office, the national average for regular gas was $2.39/gallon.
Today, it's $3.65/gallon — 52%+ higher.
Under President Trump, the national average NEVER reached $3/gallon.
Under Biden, it hasn't been *BELOW* $3/gallon for 1,084 straight days.
— RNC Research (@RNCResearch) April 29, 2024
“The Biden administration is just pathologically allergic to anything that would increase oil prices, and they have telegraphed that over and over again,” Capital Alpha Partners managing director Jim Lucier said. “Biden is in a box on this question.”
His administration has taken a soft approach to sanctions on Iranian, Russian, and Venezuelan oil in an effort to increase global supply and limit price gains.
However, this strategy is becoming riskier as pressure grows on Biden to crack down on Iran following recent attacks on Israel.
While Iranian oil may not directly enter the US, its exports help constrain prices overall.
Biden is unlikely to significantly curb Iranian supply but remains vulnerable to Republican criticism of being too soft on sanctions.
Higher gas prices could remain politically problematic for Biden before November.
