FACT CHECK #EZK1S7RL

WHAT WE FOUND

U.S. retail gasoline prices reached a record national average of $5.01 per gallon in June 2022, but economists and energy agencies attribute this primarily to global factors rather than domestic policy (U.S. Energy Information Administration). While the 2021 American Rescue Plan (fiscal policy) and Federal Reserve actions (monetary policy) contributed to general inflation by stimulating consumer demand, the specific surge in fuel costs was driven by crude oil price spikes following Russia's invasion of Ukraine and a global shortage of refinery capacity (EIA; Federal Reserve Bank of New York). The claim that Democratic energy policies "killed" production is contradicted by official records showing that U.S. crude oil output reached all-time highs of over 13 million barrels per day during the Biden administration (EIA; YCharts). Furthermore, analysts from FactCheck.org and other experts note that high-profile policy decisions, such as the cancellation of the Keystone XL pipeline, had no immediate impact on 2022 prices as the project would not have been operational at that time.

SOURCES

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