For Immediate Release
Wednesday, July 27, 2022
Contact: Aida Ross, aross@azdem.org
NEW REPORT: Biden Actions Helping to Lower Gas Prices
As President Biden took effective steps to help lower gas prices, Arizona Republicans in the House voted against measures that would help lower costs at the pump
PHOENIX — A new analysis from the Department of Treasury showed that gas prices across the country have been declining thanks in part to President Biden’s actions. Specifically, the report’s analysis suggests “that President Biden’s historic [Strategic Petroleum Reserve] release, in coordination with [International Energy Administration] partners, lowered the price of gasoline by 17 cents to 42 cents per gallon, with an alternate approach suggesting a point estimate of 38 cents per gallon.” As of July 26, gas prices have been declining for 6 straight weeks and the cost of gas has decreased by an average of about 70 cents from the most recent peak, saving many families with two cars approximately $75 a month.
The president’s efforts stand in stark contrast with Arizona Republicans who have repeatedly voted against measures that would help lower gas prices and help combat inflation. In just the past few months, all four Arizona Republicans in the U.S. House of Representatives voted against both the Lower Food & Fuel Costs Act and against a bill that would help prevent oil and gas companies from price gouging.
“This analysis illustrates how the decisive action President Biden has taken to help lower fuel costs is working. Arizonans are saving money in large part because of this action — no thanks to all four Arizona Republicans in Congress who have tried to block Democrats’ attempts to help further cut costs at the pump,” said Arizona Democratic Party Spokesperson Aida Ross.
President Biden and the Department of Energy also announced the sale of an additional 20 million barrels of oil from the Strategic Petroleum Reserve to continue helping lower gas costs, building on his previous actions, which include:
- Releasing a million barrels of oil from the Strategic Petroleum Reserve each day for six months, a historic amount and;
- Directing the FTC to crack down on oil companies taking advantage of consumers through practices like price gouging.
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