What were gas prices when Bush was president? Were gas prices more costly under Bush than other presidents? Find out how gas prices compare under different presidents in America.
Though presidents don’t have much impact on gas prices, however, they exercise little influence depending on their policies and decisions, which can lead to higher or lower gas prices.
This article will answer all questions relating to gas prices under Bush, and it will compare to other presidents until Biden.
Let’s find out if the presidents have the power to control gas prices in America.
Were gas prices higher when George W. Bush was president?
According to statistics from the U.S. Energy Information Administration, during the past 20 years, the highest gas prices that occurred in America was in July 2008, during the Bush administration.
However, some of the lowest gas prices in the United States of America in the past 20 years also occurred during the Bush administration. That was included in both the post-9/11 economic slowdown and the 2008 Wall Street crash and financial crisis that followed.
During Bush’s term, two major economic shocks took place, which sent gasoline prices tumbling during that time. The first time was during the 9/11 attacks in 2001 under President Bush. However, by the end of that year, gas prices in America were around $1.07. The second time was the 2008 mortgage crisis and Wall Street collapse, which was towards the end of Bush’s second term. Thus, as Obama was taking over, gas prices were down to about $1.83, accounting for the lowest gas prices in the history of gas prices in America.
Did gas prices go up more under Bush than under Obama?
Contrary to people’s opinions, presidents don’t have much effect on gas prices in America, which are dependent on the price of crude oil, which is determined by global supply and demand for crude oil. Therefore, the high gas prices in 2008 under Bush were not his fault, just like rising prices today aren’t Biden’s fault.
What were gas prices when Bush was president?
Gas prices under Bush were not stable due to the various economic meltdown during his administration. The two major economic shocks made gasoline prices tumble.
The first economic issue was the 9/11 attacks in 2001 by Osama bin Laden, which led to a spike in gas prices. However, by the end of that year, gas prices were around $1.07. Then, towards the end of his administration in 2008, the 2008 mortgage crisis and Wall Street collapse occurred. Despite that, when Obama took over, gas prices in America went down to about $1.83.
Which President Oversaw The Highest Gasoline Prices?
Usually, presidents don’t exercise much control over gas prices, it is down to luck if gas prices go down during a president’s administration. So, most times, presidents don’t take praise for a fall in gas prices during their administration.
For instance, that President Bush was still in office in January of 2008 and 2009 was not his fault. The Oil prices collapsed in 2008 in response to the financial crisis, leading to rising gasoline prices. However, the prices of gas fell a couple of weeks before Barack Obama’s inauguration in 2009. The price then was $1.74 per gallon, which is the lowest on the graph.
The second lowest price of gas was in 2016, when gas prices were $2.14/gallon after another oil price collapse. That was during President Obama’s time in office.
During Trump’s time in office, gas prices were $2.33 per gallon, which is the fourth lowest in the history of gas in America. However, according to Trump, it was only by luck that gas prices went down during his administration.
In other words, President Bush’s energy policies were not the reason for lower gas prices, nor did President Obama’s energy policies cause gasoline prices to fall in 2015 and 2016.