According to AAA, the national average price for unleaded gasoline is $3.80 per gallon — which is a high price at any time but particularly exorbitant for autumn, which is not a particularly busy time of year for driving. GasBuddy.com notes that for the first time in a month, gas prices are increasing again.
According to the Energy Information Administration, last month the average retail price for all formulations was $3.81. In October 2021, it was $3.29. In October 2020, it was $2.15, as the Covid-19 pandemic had Americans driving less, reducing demand. In October 2019, it was $2.62. In October 2018, it was $2.86. In October 2017, it was $2.50. In October 2016, it was $2.24.
The Biden White House believes that gas prices are the single most consequential economic indicator:
Klain’s fixation on gas prices reflects a wider sense inside the Biden administration that the president’s popularity is, to a remarkable degree, tied up in that single indicator — one that many economists regard as not nearly as important as the attention it gets. With some incredulity, White House economic officials have watched for months as the president’s approval rating moves in almost exact relation to the average national gas price.
In other words, by the Biden administration’s own preferred measuring stick, it’s doing a lousy job.
Gas prices aren’t the only reason why Democrats are likely to get demolished tonight, but they are a big one.