CNN Chief Business Correspondent Christine Romans warned Thursday that low gas prices could be a bad sign for the economy.
“Now, one of the things that can be sort of the downside, if I could say this, of lower gas prices: sometimes they fall because you’re worried about a recession,” Romans said. (RELATED: White House Tweets Chart Showing Exact Opposite Of What Biden Is Claiming About Gas Prices)
“So they’re falling for the wrong reasons. You know, they were very low during the pandemic. That’s because we were in the middle of a pandemic,” she continued. “And sometimes you’ll hear people say, ‘Oh, you know, gas prices are up so much from that pandemic low of $1.85.’ Well, you don’t want low gas prices because the economy is crashing, right?”
Gas fell to less than $2 per gallon during the pandemic due to a decrease in demand, but gas prices were also relatively low before COVID-19 hit the United States. The national average price of a gallon of regular gasoline was $2.74 in 2018 and $2.60 in 2019.
President Joe Biden falsely claimed in October that gas prices were “over five dollars” when he took office despite the national average price being $2.39 on Jan. 23, 2021, just days after Biden took office.
The national average price of gas did not reach $5 until June 2022, five months into Biden’s term. Gas cost less than $3 per gallon for the entirety of the Trump administration.