Former President Donald Trump (R), left, and President Joe Biden (D) | WhiteHouse.gov
Former President Donald Trump (R), left, and President Joe Biden (D) | WhiteHouse.gov
An analysis of gas price data revealed that North Carolina consumers are paying 47% more for gasoline than they were when President Biden was sworn into office.
According to AAA, the average price of regular gasoline in North Carolina on February 5, 2021, two weeks after Biden took Office, was $2.297 per gallon. On May 13, 2024, AAA listed the average price of regular gas in the state at $3.378 per gallon, representing an increase of 47%.
Nationally, the average price of regular gasoline on February 2, 2021, two weeks after Biden took office, was $2.396 per gallon. Comparatively, the average national cost on May 13, 2024 was $3.619 per gallon, representing a 51% increase.
According to data from the St. Louis Federal Reserve, between January 16 of 2017 and January 18 of 2021, which marks the tenure of President Donald Trump, the average national gas price increased by only 0.8%.
As the U.S. Bureau of Labor Statistics (BLS) notes in their most recent Consumer Price Index (CPI) report, “the all items index rose 3.5 percent for the 12 months ending March, a larger increase than the 3.2-percent increase for the 12 months ending February.” From February to March 2024, the overall CPI increased by 0.4%. The gasoline index (along with the shelter index) “contributed over half of the monthly increase in the index for all items.”
The gasoline index increased by 1.3% over the 12-month period ending March 2024. Between February and March 2024, the seasonally adjusted gasoline index rose by 1.7%; prior to seasonal adjustment, the gasoline index increased by 6.4% during this time period.
The BLS reports that in the South region's South Atlantic division — which includes North Carolina — the overall CPI hike was on pace with the national trend, increasing by 0.4% over the month ending March 2024. From March 2023 to March 2024, the overall CPI increase outpaced the national trend at 3.9% in the South Atlantic division. In the South region, in the one-year period ending in March 2024, the gasoline index increased by 2.2%, and from February to March 2024, the gasoline index rose by 6.2%.
A February 2024 League of American Workers (LAW) poll of likely North Carolina voters found that a majority — 61 percent — of respondents disapproved of the economy under President Joe Biden's leadership. Moreover, by a margin of 53 to 32 percent, respondents said they felt better about their financial situations under President Donald Trump.
Alerts Sign-up