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https://www.washingtonpost.com/politics/2020/11/12/energy-202-conservatives-predict-gas-prices-will-spike-under-biden-experts-say-those-fears-are-overblown/
The Energy 202: Conservatives predict gas prices will spike under Biden. Experts say those fears are overblown.
washingtonpost.com/politics/2020/11/12/energy-202-conservatives-predict-gas-prices-will-spike-under-biden-experts-say-those-fears-are-overblown
November 12, 2020
This article was published more than 2 years ago
PowerPost
Analysis by Dino Grandoni
Staff writer
November 12, 2020 at 8:05 a.m. EST
with Alexandra Ellerbeck
A dubious meme has emerged online in conservative circles: The price of gasoline will spike because Joe Biden is taking office.
The theory is that the president-elect's coming efforts to wean the United States off oil will nail people's pocketbooks. Conservative corners of Facebook are filled with viral photos of gas station signs with prices above $5 a gallon. “Just a reminder of what things looked like the last time Biden was in the White House,” reads one image.
But this vastly overstates a president's power to control the cost of a commodity traded on a world market. Although a president's actions — including Biden's climate policies — can nudge the price of oil, the effect is marginal at best, experts say.
“The scale of the global oil market,” said Pavel Molchanov, an oil analyst at Raymond James, “is so massive that it would be extremely unlikely for any single political decision, anywhere in the world, to materially affect oil prices.”
Simply put, neither Biden nor President Trump have a secret lever at the Resolute Desk that makes the price of oil go drastically up or down.
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