Politics

Just The Facts

by Cecil Maner
03/20/26
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Remember back when the Democrats were in power let's compare gasoline and energy costs under both parties...

Gasoline Price Trajectory Under Biden

Upon President Biden’s inauguration in January 2021, the national monthly average retail price for regular gasoline stood at approximately $2.33–$2.42 per gallon. Prices began rising steadily amid post-pandemic economic rebound, surpassing $3.00 per gallon by June 2021—less than six months into the term. The escalation accelerated in early 2022, with monthly averages reaching $4.22 in March, $4.93 in June (the all-time national peak), and $5.03 in some datasets for that month. By the end of the administration in January 2025, prices had moderated to around $3.08–$3.10 per gallon, reflecting a net increase of roughly 32% from the starting point, though the peak represented more than a 110% surge from January 2021 levels.

This pattern contrasts with the relative stability observed during the preceding Trump administration, where prices remained in the low $2.00 range overall, with temporary lows in 2020 due to pandemic-driven demand collapse. The Biden-era increases occurred against a backdrop of recovering global demand outpacing supply, reduced refining capacity from permanent closures during the pandemic, and constrained investment in new production amid shifting energy priorities.

Broader Energy Price Increases

Residential electricity prices followed a similar upward path, rising from 13.66 cents per kilowatt-hour in 2021 to 17.30 cents in 2025—a cumulative increase of approximately 26%. Residential natural gas prices increased from around $12.18 per thousand cubic feet in 2021 to $15.34 in 2025, for a net rise of about 42% from the 2020 baseline. These trends reflected higher input costs, including natural gas used for electricity generation, and contributed to broader household energy burdens.

The “Putin’s Price Hike” Narrative and Its Limitations

Administration rhetoric consistently framed the acute 2022 spikes as “Putin’s price hike,” attributing much of the surge to Russia’s invasion of Ukraine and resulting sanctions, including the U.S. ban on Russian oil imports. While the invasion did elevate crude oil benchmarks and introduce geopolitical risk premiums—pushing prices higher in spring and summer 2022—significant increases predated the conflict. From January 2021 to February 2022, gasoline prices had already risen by nearly 50%, driven by pandemic recovery dynamics, OPEC production decisions, and supply constraints unrelated to Ukraine.

Critics, including congressional Republicans and economic analysts, described this framing as incomplete or misleading, arguing it deflected from earlier trends and domestic factors. Nonpartisan sources, such as EIA reports and independent reviews, confirm that while the invasion amplified volatility, it accounted for only a portion of the multi-year increase. The narrative’s emphasis on external causation overlooked policy choices perceived as limiting domestic production, such as pauses on new federal leasing (later overturned) and regulatory pressures on the industry.

SPR Releases: Mitigation or Political Tool?

In response to rising prices, the administration authorized unprecedented SPR drawdowns, including an emergency sale of 180 million barrels in 2022 (averaging 1 million barrels per day) following earlier releases. Treasury Department estimates indicated these actions reduced retail gasoline prices by 13–42 cents per gallon temporarily, providing some consumer relief amid tight markets.

However, Republican leaders and energy policy critics contended that the scale and timing—particularly the major 2022 release ahead of midterm elections—reflected political motivations to suppress prices and shield the administration from voter discontent over inflation and energy costs. The SPR was depleted to 40-year lows, prompting accusations that it functioned as a “strategic political reserve” rather than an emergency tool for genuine supply disruptions. President Biden rejected these claims, asserting the releases addressed authentic market emergencies and were not politically driven. While the actions aligned with statutory emergency authority and yielded measurable but limited price moderation, the debate highlights concerns over long-term reserve management and the interplay between policy and electoral considerations.

Conclusion

Objective EIA data establish that gasoline and energy prices rose substantially and rapidly during the Biden administration, with peaks representing historic highs and net increases far exceeding prior periods of stability. Global factors, including pandemic recovery and the Ukraine conflict, played dominant roles, yet domestic policy decisions and responses shaped the consumer experience. The “Putin’s price hike” explanation, while partially grounded in 2022 events, does not fully encompass the pre-invasion trajectory or broader influences. Similarly, SPR utilization provided short-term relief but drew criticism for potential political timing. These developments underscore the complex interplay of international markets, geopolitical events, and national policy in determining energy affordability, with verifiable figures offering the most reliable basis for assessment.