With temporary oil cost rollbacks across the nation this year, Americans for Prosperity is highlighting the perils of bidenomics.
The team started its journey on Monday at a Sunoco petrol station in Pittsburgh, Pennsylvania. They are lowering gas prices from the regular of$ 3.59 per quart to$ 2.38 per gallon, which was the starting point for President Joe Biden. The company is collaborating with 25 gas stations all over the country, including five swing state.
Oil prices have increased by more than 50 % since Biden took office in January 2021. However, under Donald Trump’s presidency, oil prices averaged$ 2.57 per quart, but for the last 10 weeks of his time in office, rates plummeted due to the low demand for fuel during the COVID- 19 crisis.
The persistently high inflation rates that Biden’s second term in office have contributed to this increase in gas prices. Inflation rates peaked at 9 % in 2022 but have since declined to 3.4 %, however, the inflation rate is still above the Federal Reserve’s 2 % target.
Akash Chougule, AFP vice chairman of state affairs, attributes the rise in fuel costs not only to prices but also to the administration’s energy policy decisions. Energy prices have increased by 41 % over the past four years, according to data from the Bureau of Labor Statistics.
Joe Biden’s top-down plans have stifled our nation’s energy sources and made even the things like a family road trip more expensive, Chougule said in a speech.” From shutting down the Foundation Network to banning power leases on federal land.
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The Biden administration has already tapped into the Strategic Petroleum Reserve in an effort to lower gas prices. In 2022, the administration released 180 million barrels of the SPR after Russia’s invasion of Ukraine sparked a spike in prices. With 365 million barrels currently in circulation, the reserve is at its lowest level in a long time.
The AFP campaign will continue through May 29. The organization anticipates that 4, 000 drivers will line up at gas stations to receive a discount.
