Opinion: Many people place the blame for gas prices on the president, when in reality it’s not his fault. But placing the blame on the president distracts from the true nature of the world’s economy.
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I filled up my gas tank a week or two ago and it cost me over $88. Needless to say, I almost cried. Normally, when I have to fill my tank, it’s no more than $50. But as I was standing there watching my bank account slowly drain, I noticed a sticker of President Joe Biden pointing his finger with the caption, “I did that.”
This is not the first time I had seen a similar sticker — ones of former President Donald Trump had once surfaced — but they always make me do a double take. The people who place these stickers do realize the president is not in charge of gas prices, right?
While the president has slight control over gas prices depending on the policies and legislation they pass, gas prices are largely determined by the cost of oil and how available that oil is. At its core, it is the balance of supply and demand, a term we’ve been hearing since our high school economics class.
During the pandemic, there was a lower demand and too much supply due to many people being stuck at home. The average price of gas during April 2020 was $1.94 a gallon according to the U.S. Energy Information Administration. Thus, large oil producing nations, such as Russia, cut their production by nearly 10 million barrels in hopes of balancing the low costs.
As we approach a slight relief to the pandemic, there is more of a demand for gas and enough supply, but international conflicts have interrupted this supply.
President Biden signed an executive order on March 8 that bans the import of “Russian oil, liquefied natural gas, and coal.” This was done as a response to Russian President Vladimir Putin’s unjustified attack on Ukraine.
Since Russia invaded Ukraine, there has been a 20% increase in oil and gas prices. Gas prices reached a peak high of $4.33 a gallon on March 11 according to AAA.
Even though the U.S. imports less than 10% of its oil from Russia, several other countries have placed bans on Russian imports in attempts to punish Putin. The combination of these bans has disrupted the global market of oil and created the price spikes that are now being reflected across America’s gas stations.
Yes, gas prices are awful right now, but to place the blame on one man ignores the complexities of politics and the economy on the international level. Russia is suspected of committing human rights abuses against the Ukrainian people and rather than recognizing this conflict, our solution is to make a joke of it.
If the gas prices are truly damaging to your bank account, as they are to mine, maybe it’s time to invest in public transportation.
My personal favorite is the classic bike ride. But for farther distances, Eugene has plenty of options. Lane Transit District buses are free for UO students with stops all over Eugene and work great for Target runs. Not only are these options cheaper, but they’re also better for the environment.
We already know that we will have to switch to renewable energy and greener ways of life in the future, so why not start small now? Cut down on the amount of gas you use and the stickers you place on the pumps.