The average gas price in the US hit an eye-watering $5 a gallon Saturday, and analysts say the record-breaking price is a massive problem for President Biden and his admnistration ahead of the midterm elections—especially since relief could be a long time away. Recent polls show that an overwhelming majority of voters consider inflation a very serious problem and almost half of them say Biden has "a lot" of responsibilty for it, the Hill reports. Energy Secretary Jennifer Granholm recently said that with "such a demand and supply mismatch on the global market for oil," it could be fall or winter before prices return to $4 a gallon or less.
Analysts say inflation has played a major role in lowering Biden's approval rating, which now stands at just 38%, according to a Marist poll released Thursday. Matt Bennett at the Third Way think tank tells the Hill that part of the problem is that many Americans don't realize how little control the president has over day-to-day gas prices. "I think he needs to get caught trying to do everything possible," Bennett says. "Haul the CEOs of the oil companies in to the White House and demand that they tell him exactly what they need to get production up in the short term."
Biden toured the port of Los Angeles Friday and promised that his admnistration will continue to do "everything we can to lower the prices for the American people," the AP reports. He blamed corporate profits for surging inflation and said ExxonMobil in particular should focus on boosting production instead of maximizing profits. "Exxon made more money than God this year," he said. (Read more gas prices stories.)