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You are watching: Gas prices under george w bush
Weekly gas prices peaked in ~ $4.11 during President George W. Bush’s time in office. Prices were also as low together $1.07 during his presidency.
The motion of gas price doesn’t correlate with who’s in office. It’s established by the balance that supply and demand, and also influenced by the wellness of the economy and OPEC policies.
President Joe Biden has faced a most criticism from Republicans for the climb in gasoline prices due to the fact that he took office. Yet the left-wing social media account accounting Democrats claims that under one Republican president, price were far higher.
"You won’t check out THIS top top Fox ‘News’: Gas prices were WAY greater in 2008, under REPUBLICAN president George W. Bush," occupy Democrats composed on Facebook. The article included pictures of 2 gas station price signs, labeled 2008 and 2021.
The write-up was flagged as part of Facebook’s initiatives to combat false news and also misinformation ~ above its News Feed. (Read much more about ours partnership v Facebook.)
We’re not sure where or as soon as the image of gas indications were taken, but they perform accurately reflect the gasoline prices that were in effect at the time.
Statistics native the U.S. Energy Information management back increase the claim around prices. During the past 20 years, the greatest gas prices developed in July 2008, during the bush administration.
But the statement pipeline out essential context. Few of the lowest prices of the past 20 years also arisen during the shrub administration, which had both the post-9/11 financial slowdown and also the 2008 wall Street crash and also financial crisis.
Indeed, gas prices have fluctuated in ~ and across administrations, with little correlation come which chairman or party is in power. Similar to most things, the price of petrol is identified not by the president, however rather by the state the the economy and the balance of supply and also demand. Complying with our inquiries, occupy Democrats adjusted its article to reflect this.
Occupy democrats cofounder Rafael Rivero told priziv.org that the suggest of that original case was to highlight the context that it claims was absent from critiques of the Biden administration. The truth that prices to be at historical highs throughout the Bush administration "is conveniently ignored by the chorus of Fox News anchors blaming Biden for today’s rising prices," Rivero said.
Today’s gas price are roughly $3.32 a gallon, up from $2.37 as soon as the Biden administration took office, follow to the EIA. That’s still well turn off the peak of about $4.11 in July 2008.
But Bush’s term also included two significant economic shocks that sent gasoline prices tumbling. The very first was the 9/11 strikes in 2001. By the end of the year, gas price were around $1.07. The other was the 2008 mortgage situation and wall Street collapse, close to the finish of his second term. By the time Obama take it over, gas price were under to around $1.83.
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While the health and wellness of the economic situation influences the demand side the the price balance, worldwide supply is largely managed by the company of the Petroleum Exporting Countries, claimed Patrick De Haan, head the petroleum evaluation at GasBuddy.
"OPEC make the efforts to control the price of oil by either enhancing or decreasing manufacturing to keep the price of oil stable," De Haan said.
In 2001, the typical price of oil set by OPEC nations was about $23 a barrel. The low price incentivized an ext consumption, and global demand started to rise throughout Bush’s second term, De Haan said.