EDITOR'S NOTE: In most cases, a theory means nothing if practical experience can’t breathe life into it. The same can be said of economic numbers. According to a recent statement by Biden’s press secretary, "Every day, Americans save about $420 million at the pump compared to mid-June." That may be an accurate number on “average,” but most “individuals” don’t experience life from the perspective of the average collective. In other words, gas prices suck. The savings at the pump the White House claims make very little difference for most Americans. Gas prices are still painfully expensive, and inflation is making it hard for most Americans to keep pace with the cost of living. The White House numbers may not be deliberately misleading, but they’re deceptive, and they miss the point. Things are not getting better, and there’s nothing Biden can do to gaslight us into thinking otherwise.
Biden reportedly planning to release additional 10-15 million barrels of oil from nation's emergency stockpile.
The average gallon of gas is nearly double what Americans were paying exactly two years ago, but White House press secretary Karine Jean-Pierre touted savings at the pump on Tuesday.
"Every month, the typical two-driver family saves about $120 at the pump compared to where we were in mid-June," Jean-Pierre said at a press conference. "Every day, Americans save about $420 million at the pump compared to mid-June."
The average gallon of gas stood at $3.871 on Monday, a roughly 23% drop from the $5.006 that Americans were paying in mid-June.
Despite the fall in recent months, gas prices are still about 62% higher than they were in January 2021, when President Joe Biden first took office and the average gallon of gas was $2.392. Gas prices are about 80% higher than they were exactly two years ago in October 2020, according to Department of Energy data.
Energy prices have soared in the United States and elsewhere around the world amid Russia's invasion of Ukraine.
OPEC+’s decision to cut oil production last week threatens to reverse the recent downward trend in gas prices as supply becomes restrained.
Domestic oil production fell below 12 million barrels a day this month, more than 1 million barrels a day below November 2019 levels, prompting lawmakers to call on Biden to ramp up production at home.
"But this requires our energy producers to commit themselves to significant investments in support of our country’s interests," Manchin said. "Your administration must demonstrate support for these efforts not only with words but with swift actions."
The president is reportedly planning to release an additional 10 million to 15 million barrels of oil from the Strategic Petroleum Reserve in an effort to reduce gas prices. Jean-Pierre teased that the announcement could come as soon as Wednesday.
Originally published on Fox Business.