Tipsheet

Is It True Gas Prices Were 'Over $5' When Biden Took Office?

Mia Cathell
Mia Cathell  |  October 28, 2022 2:15 PM

While gas prices continue to sit at an uncomfortable level for everyday Americans, President Joe Biden arrogantly claimed that the cost of gasoline was already extremely high when he entered the White House, despite data showing otherwise.

CLAIM: Biden's claim was made during a speech on the CHIPS Act at the Onondaga Community College's SRC Arena in Syracuse, New York, where he claimed the price of gasoline was "over $5" when he took office. "The most common price of gas in America is $3.39, down from over $5 when I took office," Biden said during Thursday's remarks. "We need to keep making that progress by having energy companies bring down the cost of a gallon of gas that reflects the cost of paying for a barrel of oil."

That's not all. Biden also asserted that the "economy, in fact, is growing" and "the price of inflation is down."

"And although it may not feel like for everyone, people's incomes went up last quarter more than inflation went up. So economic growth is up; the price of inflation is down," Biden stated. "Real incomes are up and the price of gas is down. Folks continue to spend, but now at a more stable pace than during our rapid recovery last year. Businesses continue to invest in America."

FACTS: The national average price for a gallon of regular gasoline in the week ending on Jan. 25, 2021, right after Biden took office on Jan. 20, 2021, was approximately $2.39, according to data available from the U.S. Energy Information Administration. According to the EIA's weekly report analysis, the national average retail gas price on Jan. 20, 2021, was $2.379 per gallon.

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The average price did not reach $5 until June 2022—more than a year into Biden's presidential term. In addition, the current national average on Thursday was $3.76, which is over 30 cents more than Biden claimed, according to AAA's calculations.

As for Biden's claim that "the price of inflation is down," the Labor Department released mid-October consumer price index figures showing that prices for everyday goods including groceries, rent, and gasoline rose 0.4% in September when compared to the previous month, which was above the projected 0.2% monthly increase forecast from Refinitiv economists. Core prices, excluding food and energy, rose by 0.6%. Grocery prices increased by 0.7% in September and 13% over the past 12 months.

RATING: Biden's claim that gas prices have dropped to $3.39 per gallon on average, which he alleged was down from over $5 a gallon when he took office, is FALSE. At the beginning of the Biden presidency, gas prices averaged about $2.39 per gallon.

Today's a double fact-check feature. While attempting to tout the falling gas prices, Biden uttered two inaccurate figures in one breath. Biden's assertion that the national average for U.S. gas prices was $3.39 as of late October 2022 is also FALSE.