That’s because they own (or hope to own in the futue) houses and benefit from soaring prices over time (even if they’re higher when they buy, they can count on them going even higher eventually). They don’t own oil wells.
Ah, yes, that could work. At least, if you could get the message through to the people who need to hear it. And if they don’t immediately reject it as fake news, because it’s Biden who was cozying up to Putin, not Trump, who always opposed him, and Putin was totally justified in his invasion anyway, and it’s Zelinskyy’s fault for not surrendering right away.
Sure, but a huge portion of the country isn’t benefitting meaningfully from real estate appreciation.
Bad things happening on the economic front (inflation, recession, unemployment, high gas prices etc.) are always the fault of the Administration and party in power, even when they aren’t. It’s been a rule of politics for a long time.
A Political Service Announcement (PSA) isn’t going to change that.
Exactly this. The President usually gets too much of the credit when the economy is doing well, and too much of the blame when the economy stinks.
The current situation is just compounded by the fact that many GOP supporters have been conditioned, from the start, to believe that Biden is a terrible, incompetent president.
And the corollary to this is … administrations also take all the credit for good economic news, whether they had anything to do with it or not.
ETA: in retrospect, I guess I could have simply read @kenobi_65 post 
Yes, that’s how it works.
More than 90 percent of Americans will not let gas prices change their vote. Maybe more than 95 percent.
But there are actual swing voters who think that if something bad happens, someone must pay, even if it isn’t their fault. I was on a civil case jury where the holdout juror insisted that since someone died, the defendant must be held responsible, even if it probably wasn’t his fault. It’s hard to stand up to 11 other people in the same room, and some others in the jury (not saying me) had high emotional intelligence, so he eventually changed his vote. But I’m pretty sure this guy will blame Biden for inflation. It might be Putin’s fault, but Vlad’s not ever on our ballots.
In the early summer of 2008, when Bush v. 2.0 was POTUS and gas was actually more expensive than now, relative to inflation, I worked with a woman who also worked at a gas station, and she couldn’t get over the people who blamed HER for the gas prices, and then didn’t want their pennies.
I don’t think that’s true. In 2008, the inflation adjusted price was $4.32, now it’s over $5.00
I paid over $5 in Chicago, where I went for a concert. It was a bit less in Quincy, where I was living at the time.
TL : DL - $5 in 2008 is roughly $6.78 now (6/14/2022).
I don’t think people are specifically concerned about the price of gas in Chicago, but rather overall gas prices across the country.
I don’t agree, but a friend keeps insisting the high gasoline prices are Biden’s fault because of his anti-fossil fuel policies, including killing the Keystone XL pipeline.
Right, but people who are willing to blame things like Keystone XL which has essentially no meaningful bearing on pump prices are just stating political beliefs. They didn’t arrive at those conclusions based on facts, so facts aren’t going to factor into disabusing them of them.
To quote Ronald Reagan:
If you’re explaining, you’re losing.
There’s a big element of that, here, too.
And people ‘kept saying’ that former President Obama wasn’t a legitimate president because he wasn’t born in the United States.
Skeptical people seek evidence for such assertions.
Stranger
Amateur economist time:
Since pump prices are connected to commodity prices, and commodity prices are driven in part by traders’ speculation about short- and long-term availability of the commodity, isn’t it possible killing the Keystone has incrementally increased gas prices by somewhat limiting future availability of crude oil?
(I’m aware that, even if true, we’re talking about pennies here. And I 100% agree that killing the pipeline was the correct move.)
Aren’t gas prices really just the industry trying to make up for the fact that people weren’t driving during the pandemic, and so they lost lots of expected profit? They’re gouging at the pump, and securing record profits, to make up for lost time.
Sure it’s possible if we make a few assumptions that go contrary to what has actually happened that Keystone XL being killed contributed to a few pennies of price increase. In reality it likely did not contribute at all, because of the particulars of how gas prices happen. Refinery capacity and global spot price of oil are such controlling factors, and Keystone XL being cancelled most likely has not had a significant impact on either. Biden has largely not implemented any meaningful anti-fossil fuel policies. He briefly attempted to stop selling new leases for drilling on Federal lands, but that was stopped quite quickly. Additionally, the oil companies all had far more lease lands than they have even come close to trying to use, so even had his lease issuance freeze held that likely wouldn’t have done much either in the near term (meaning next few years.)
At the end of the day think about it like this, on the New York Mercantile Exchange (NYMEX), oil futures hit $147.30 (194.15 inflation adjusted) on June 11, 2008. Gas prices nationally were around $3.32 in 2008 dollars, or $4.38 in 2021 dollars.
Right now, the most recent futures price for oil on the NYMEX closed at $108, and the average national gas price it shows as around $5.02 on GasBuddy. This means gas prices are 14.6% higher right now than in 2008, whilst crude oil prices are 79% lower than they were in 2008. That should provide some fuel for thought.
Thanks for the explanation.
ISWYDT
Wow, I wasn’t aware of this disparity. It sure seems like gas costs way more than it should based on crude oil prices. I have read that US refining capacity is lower than in 2008, but surely that can’t account for the entire difference.
I’m not one for conspiracy theories, but … is it all just a plot to make Biden look bad? (Pretty sure I’m joking, but …)
Here’s a quick read, and a highly information-dense article that, IMHO, is worth the time and effort: