How A President Can Impact Gasoline Prices

How A President Can Impact Gasoline Prices

U. S. President Joe Biden speaks during a cabinet meeting at the White House in Washington, D. C., ... [+] U. S., on Friday, Nov. 12, 2021. Biden has repeatedly hinted in recent days that he would act to tame gasoline prices, which are running at the highest level in seven years and were a major driver in consumer prices in October jumping at the fastest rate since 1990. Photographer: Chris Kleponis/CNP/Bloomberg Last week a friend from Uganda told me that gasoline prices have risen by 50% there. I asked him who the people blame. "Our President." So, there you have it. Uganda's President is behind the rise in gasoline prices. Not really. But it goes to show that it is natural for any country to blame their leaders for increases in gasoline prices. As I have argued previously, there are few handles the U. S. President has that can impact gasoline prices in the short term. In the longer term, lots of policies can impact supplies, and ultimately oil and gasoline prices. A curtailment of drilling and denial of the Keystone XL pipeline permit are two such policies that can negatively impact future production and prices. But in the