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Please note!
This fact brief was originally published as an experiment to test the concepts behind fact briefs.
Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.
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FACT BRIEF

Are recent actions by the Biden Administration driving rising gas prices?

By Austin Tannenbaum
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NO

Oil policies enacted under Biden are not driving the current spike in gas prices. Instead, the coronavirus pandemic is principally responsible.

During last year's quarantine, oil demand plummeted as businesses closed and individuals sheltered in place. In response, OPEC and its allies cut production to prevent a price collapse. Parallel to this, pandemic lockdowns disrupted oil-industry supply chains.

Oil suppliers thus struggled to meet a rebounding demand spurred by the lifting of pandemic-related restrictions earlier this year. When demand exceeds supply, prices rise.

Energy experts Mark Finley and David Dismukes told USA Today that Biden policies such as halting Keystone XL and blocking new federal-lands drilling are not impacting current oil prices given that these projects were never operational. However, because the policies detract from future supply, the two agree that they could have a long-term impact on prices.

This fact brief is responsive to conversations such as this one.
Sources
Reuters OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
GlobalData Plc COVID-19 pandemic has considerably disrupted oil and gas supply chains, says GlobalData
World Bank The oil market outlook: Lasting scars from the pandemic
USA Today Fact check: Rising gas prices due to high demand and low supply, not Biden's policies
ABOUT THE CONTRIBUTOR
Gigafact
Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.