Thomas Catenacci, DCNF
The Democratic Party’s lead fundraising arm for electing members to the House cheered a two-cent reduction in the average price of gasoline on Thursday.
The Democratic Congressional Campaign Committee (DCCC) tweeted a graph of gas prices between Nov. 15-29, showing that the average cost at the pump has fallen from $3.40 per gallon to $3.38 per gallon. The graph, however, was created with $0.005 increments on its vertical axis, making the price decline appear significant.
— DCCC (@dccc) December 2, 2021
“Thanks, @JoeBiden,” DCCC tweeted along with the image.
While the price of gasoline has declined slightly since mid-November, it remains near its highest level since 2014, according to Energy Information Administration data. On average, Americans are currently paying $1 per gallon more, a 40% increase, than they were on Jan. 25, shortly after President Joe Biden was elected.
The White House has mainly blamed Big Oil and foreign energy producers for the rising prices. Administration officials have repeatedly urged Middle Eastern and Russian producers to bump output, and Biden has asked the Federal Trade Commission to investigate alleged price gouging by oil corporations.
But Biden ordered the Department of Energy to tap the Strategic Petroleum Reserve in an attempt to ease costs. Oil prices, which are a key determinant of pump prices, increased following the decision.
The price of oil has recently declined due to the emergence of a new COVID-19 variant that has caused uncertainty in global markets.
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