Biden Desperately Trying to Keep Gas Prices Down Ahead Of Elections

( – Although inflation is coming down to acceptable levels, the prices of some items remain elevated. Americans usually highlight food and gas as areas where families are struggling. While average gas prices are still about 27% above where they were in June 2019, they are still 29% below where they were in 2022 and 3% down from 2023, showing a downward trend. A recent report alleges that the Biden administration is making moves to keep them going that way through the election.

On June 26, sources reported that the administration levied sanctions on Iran, but analysts said the move would only affect a small part of the country’s oil exports, keeping the global markets moving. An unnamed senior administration official said President Joe Biden was doing “everything that he could” to ensure that US citizens pay as little at the pump as possible, adding that doing so “affects families’ daily lives.”

Former head of the U.S. Treasury Department’s Office of Foreign Assets Control, John Smith, said the United States and its allies have taken great care not to take sanctions so far that they would backfire and “damage the ability of Western economies to function.” For instance, sanctions against Russia after the country invaded Ukraine reportedly targeted banks, not the oil industry. An official from the Treasury Department reportedly said the goals were to lower costs for Americans while simultaneously “lowering profits for the Kremlin.”

An opinion piece published by The Wall Street Journal concluded that Biden was holding back from fully enforcing oil sanctions against Russia and Iran to keep gas prices stable while pointing out that the general elections are around the corner.

The sanctions against Iran announced on June 25 are expected to have little impact on oil markets. Former White House policy official under George W. Bush stated that the administration would “go to great lengths to prevent” a spike in gas prices at the pump, “especially in an election year.”

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