In December of 2021, the Biden administration forecasted that gas prices would drop below $3 per gallon, but seven months later gas prices reached over $5 per gallon, more than doubling since President Joe Biden assumed office.
According to Biden’s Energy Information Administration (EIA), gas prices were likely to drop because oil production would outpace demand, CNN reported:
The US Energy Information Administration said Tuesday the national average for regular gasoline will probably drop to $3.01 a gallon in January. For 2022, gas prices are expected to average $2.88.
That call is based on projections by the EIA for global oil production to increase more quickly than demand next year — especially given the emergence of the Omicron variant. This would be a reversal of the past