There’s a lot of talk in the media about how gas prices are falling. It’s true, they’ve been falling for 21 days straight, but the national average is still at a whopping $4.80 per gallon. Biden pressured gas stations to push that number even lower. But that’s not how gas stations work.
Most gas stations don’t make money from selling gas. Gas starts as crude oil, goes to a refinery, and gets transported. The prices are already high when the gas stations get the gas. You pay taxes and a mark-up (about 5 cents) as a consumer. On average, gas stations only make a margin of 1.4% on their fuel.
Gas stations make most of their money from their shops. Snacks, drinks, lottery tickets, and other goods account for 70% of gas station profits.
For Biden and Democrats, gas prices are a serious political problem. Prices are still at an unsustainable level for most Americans. The administration has attempted to do some things to lower costs before the midterms, including releasing reserve oil and talking with OPEC. They haven’t been successful.
Is Joe Biden responsible for the high gas prices? The Biden administration has stuck to their core talking point: inflation and high gas prices are caused by Russian President Vladimir Putin. Most Americans, correctly, don’t buy that theory. While gas prices are high globally, President Biden has done a lot to curb fossil fuels in America, which in turn, has only fueled the skyrocketing gas prices. Read more about it here.