Across America, the pandemic is in retreat. As we continue to make progress, and our life returns to normal, Americans are eager to make up for lost time, and more people are traveling this Memorial Day weekend.
And as Americans are hitting the road, they are paying less in real terms for gas than they have on average over the last 15 years—and they’re paying about the same as they did in May 2018 and May 2019.
The Administration’s success in beating the pandemic and getting our economy back on track has led to increased demand for gas as the country re-opens. But, while prices have increased from the lows last year—as demand drastically dipped—prices at just about $3 per gallon are still well in-line with what they’ve been in recent decades.
And since last week, prices have already stabilized after a spike earlier this month, as the Colonial Pipeline is fully flowing, and the supply situation returns to normal. This is due in part to the administration’s aggressive, whole-of-government response to the unprecedented shutdown of that pipeline.
While oil prices are shaped by global forces, the President knows that gas prices are a pain point for Americans—especially the middle-class families he’s put at the center of his economic agenda. That’s why President Biden is opposed any proposals to raise the gas tax. And it’s why we will continue to monitor prices, and are glad that Americans can get on the road again.