President Biden Is NOT To Blame For Rising Gas Prices

The American Public is not happy with inflation -- especially the rising price of gas. And too many, urged on by Republicans and right-wing media, are blaming President Biden for the gas prices. But the truth is that President Biden is not to blame. 

Here's how economist Paul Krugman explains it:

So many voters seem to have skewed perceptions of economic reality. Furthermore, to the extent that they see genuine problems, they may not be clear about which problems politicians can solve and which they can’t.

Take the price of gasoline, which has risen about $1.50 a gallon from its pandemic lows.

Higher gas prices represent a real hardship for many Americans — and historically voters have seemed to blame the president when gas prices go up. Yet presidents have very little influence on prices at the pump.

In the current episode, what’s driving gas prices is a surge in the global price of crude oil. Here’s the price of Brent crude, that is, the price in European markets (which generally moves in tandem with prices everywhere, because oil is a globalized commodity):

Crude is up more than $60 a barrel. And since there are 42 gallons in a barrel, this means that the price of the crude oil used to make a gallon of gasoline has risen by $1.50 — basically accounting for all of the rise in the price to consumers. That is, developments outside the control of any president are driving a price rise that is surely one factor in President Biden’s approval ratings.

So we’re living in a nation with many voters who seem to have both a distorted view of the state of the economy and false beliefs about what aspects of the economy politicians can affect. How is democracy supposed to function well under these conditions?