The Energy Policy Act

Year: 2001
President: George W. Bush
Avg Price per Gallon: $1.46
In 2001, President George W. Bush signed the Energy Policy Act, a move aimed at addressing America’s oil addiction. The legislation offered juicy incentives to energy companies, urging them to ramp up domestic oil and gas production. The goal? To lessen reliance on foreign oil and increase energy independence.
Sounds great, right? Well, not so fast. While the act did nudge domestic production upward, it couldn’t work magic on soaring gas prices — at least not immediately. Why? Rising global demand for oil kept prices stubbornly high, leaving drivers feeling the pinch at the pump.
The act planted seeds for future production gains, but for anyone gassing up their car in the early 2000s, it felt like the policy was stuck in first gear.
The Iraq War

Year: 2003
President: George W. Bush
Avg Price per Gallon: $1.59
The decision to invade Iraq by President George W. Bush in 2003 caused tremors in the world's oil markets. As a major oil exporter, Iraq played a pivotal role in the world's energy supply, so the conflict and its uncertainty turned oil prices into a nerve-wracking rollercoaster.
Crude prices spiked as markets braced for potential disruptions, and those jumps quickly trickled down to gas stations worldwide. Suddenly, filling up your car felt like an economic strategy session. While some argued the war was about more than oil, there’s no denying its impact on the pump — and on our wallets.
The ripple effects underscored just how intertwined geopolitics and gas prices really are, proving that war and wallets often collide in unexpected ways.
A Renewable Fuel Standard

Year: 2005
President: George W. Bush
Avg Price per Gallon: $2.30
The Energy Policy Act, which included the Renewable Fuel Standard (RFS), was a 2005 initiative by President George W. Bush that strengthened his commitment to energy policy. This groundbreaking move mandated that refineries blend increasing amounts of ethanol — mostly derived from corn — into gasoline. The idea was to reduce America’s reliance on crude oil while giving a nod to renewable energy.
While it sounded eco-friendly and patriotic, the reality was a bit more complicated. Refineries had to adapt, and those added costs trickled down to gas stations in some regions, nudging prices up at the pump. Supporters hailed it as a step toward energy independence, while critics questioned its impact on food prices and refining costs.
Ethanol became a hot topic — and not just for fuel enthusiasts.
Suspending of Offshore Drilling Restrictions

Year: 2006
President: George W. Bush
Avg Price per Gallon: $2.60
In 2006, President George W. Bush made waves — literally — by suspending restrictions on offshore drilling in federal waters. The move aimed to boost future oil supplies and signaled a commitment to expanding domestic energy production. While it takes years to translate drilling announcements into barrels of oil, this decision immediately calmed jittery markets.
The promise of increased exploration and potential supply helped stabilize gas prices, at least for a while. Critics argued it was more of a symbolic gesture than a practical fix for high prices at the pump, while supporters saw it as a proactive step toward energy security. Love it or loathe it, the policy demonstrated how even the idea of more oil can ripple through gas prices.
The Financial Crisis

Year: 2008
President: George W. Bush
Avg Price per Gallon: $3.25
Among the many things that the 2008 financial crisis shook up throughout the world, petrol prices were no exception. Under President George W. Bush, the economic downturn caused demand for oil to nosedive as industries slowed, travel declined, and wallets tightened. This sudden lack of demand led to a dramatic drop in crude oil prices, which translated to significant relief at the gas pump.
By the end of Bush’s presidency, drivers were enjoying lower prices — but for all the wrong reasons. The crisis underscored the delicate balance between economic health and energy markets, proving that even when prices fall, the bigger picture isn’t always so rosy. It was a bittersweet moment where cheap gas came with a heavy economic cost.
A Federal Investment in Green Energy

Year: 2009
President: Barack Obama
Avg Price per Gallon: $2.35
The American Recovery and Reinvestment Act, signed into law in 2009 by President Obama, accelerated the transition to renewable energy sources. This federal investment poured billions into renewable energy projects, including wind, solar, and biofuels. By offering incentives for renewable fuels and cleaner technologies, the administration aimed to reduce America’s reliance on oil and cut carbon emissions.
While these efforts didn’t have an immediate impact on gas prices, they arguably slowed the growth in oil demand over time, contributing to broader energy market shifts. Supporters cheered it as a long-term play for sustainability, while skeptics worried about the costs and questioned the policy’s impact on traditional energy industries. Either way, it signaled a major pivot toward a greener future.
Deepwater Horizon

Year: 2010
President: Barack Obama
Avg Price per Gallon: $2.78
In 2010, President Barack Obama faced an environmental disaster of epic proportions: the Deepwater Horizon oil spill. In response, his administration implemented a moratorium on offshore drilling to review and tighten safety regulations. While the move aimed to prevent future catastrophes, it had immediate economic side effects.
The pause on drilling slowed U.S. oil production growth, adding pressure to already tight global oil supplies. As a result, gas prices edged upward, leaving consumers to pay a bit more at the pump. The incident highlighted the delicate balancing act between environmental protection and energy production. It was a stark reminder that safety comes with a cost — and sometimes, that cost shows up right on the price sign at your local gas station.
Sanctions on Iran

Year: 2011
President: Barack Obama
Avg Price per Gallon: $3.53
Hard sanctions, aimed against Iran's oil exports, were imposed on the country in 2011 by President Obama in reaction to its nuclear program.These sanctions heightened fears of reduced global oil supplies, leading to a spike in crude oil prices.
As crude prices climbed, gas prices followed suit, causing a financial squeeze for consumers across the U.S. While the sanctions were aimed at pressuring Iran, they had unintended consequences on the energy market. The uncertainty surrounding global supply added volatility, pushing pump prices upward and leaving drivers feeling the pinch at the pump.
Lifting the Crude Oil Export Ban

Year: 2015
President: Barack Obama
Avg Price per Gallon: $2.14
After 40 years of prohibition, President Obama finally ended the ban on exporting U.S. crude oil in 2015. This move allowed American producers to sell oil on international markets, boosting the U.S. oil industry.
While it offered long-term opportunities for growth and economic benefits, the decision also introduced new dynamics to global supply and demand. As U.S. crude entered the global market, fluctuations in prices became more closely tied to international events, which occasionally drove domestic gas prices higher.
The lifting of the ban was seen as a step toward energy independence, but its impact on gas prices showed how interconnected global markets truly are.
The Paris Climate Agreement

Year: 2016
President: Barack Obama
Avg Price per Gallon: $2.36
In 2016, President Obama led the U.S. into the Paris Climate Agreement, committing to ambitious emissions reductions. This move resulted in stricter environmental regulations aimed at curbing carbon emissions, particularly targeting fossil fuel industries. While the goal was to combat climate change, these new regulations also increased production costs for traditional energy sources.
Over time, this likely contributed to subtle increases in gas prices, as higher operational costs for refineries and energy producers were passed down to consumers. Although the shift towards greener policies was a step toward sustainability, it reminded us of the delicate balance between environmental progress and economic impact.
Deregulation of the Energy Sector

Year: 2017
President: Donald Trump
Avg Price per Gallon: $2.59
Deregulation of the energy industry and the repeal of several environmental regulations were Trump's top priorities in 2017. This move aimed to boost U.S. oil production through expanded drilling and pipeline development. With more domestic oil flowing, production surged, helping to stabilize gas prices.
For a time, this policy created a supply boost, reducing the impact of geopolitical tensions or global supply disruptions on U.S. pump prices. While environmental concerns were raised, the immediate effect was a more consistent — and sometimes lower — price at the gas station. Trump’s deregulatory approach supported a stronger domestic energy market, offering temporary relief for consumers at the pump.
Withdrawing from the Iran Nuclear Deal

Year: 2018
President: Donald Trump
Avg Price per Gallon: $2.46
After years of tough penalties, President Trump pulled the United States out of the Iran Nuclear Deal in 2018. The move significantly impacted Iran’s ability to export oil, creating fears of reduced global supply. This disruption sent crude oil prices soaring, which, in turn, drove up gas prices across the country.
As crude markets tightened, U.S. consumers felt the pinch at the pump. While the sanctions were designed to pressure Iran into renegotiating, the immediate effect was a volatile energy market, leaving many wondering how long high prices would persist. The geopolitical shift served as a reminder of the interconnectedness between international politics and everyday fuel costs.
The U.S. vs China Trade War

Year: 2019
President: Donald Trump
Avg Price per Gallon: $2.65
In 2019, the ongoing U.S.-China trade war created economic uncertainty, which had ripple effects on global oil markets. As tensions escalated between the two economic superpowers, concerns over reduced trade and growth led to a decrease in global oil demand.
This lower demand temporarily eased upward pressure on crude prices, resulting in a decline that, in turn, helped stabilize or even lower gas prices in the U.S. Despite other factors influencing the energy market, like geopolitical tensions and domestic production levels, the trade war provided a temporary buffer for consumers at the pump.
However, the long-term effects on the oil market remained uncertain as the trade dispute continued to impact global supply chains.
Keystone XL Pipeline Canceled

Year: 2021
President: Joe Biden
Avg Price per Gallon: $3.41
Joe Biden's decision to shelve the Keystone XL Pipeline in 2021 was a major story that altered the trajectory of oil shipments to Canada. The decision was framed as a step towards reducing carbon emissions and transitioning to cleaner energy, but it also raised concerns about future oil supply.
With the pipeline scrapped, fears emerged that U.S. reliance on foreign oil would increase, which, even if speculative, added uncertainty to the market. This uncertainty contributed to temporary fluctuations in gas prices, as the energy market adjusted to a reduced supply pipeline.
While the long-term environmental goals were praised, critics pointed to potential impacts on energy prices, highlighting the delicate balance between sustainability and fuel affordability.
Release of Oil From the Strategic Petroleum Reserve

Year: 2022
President: Joe Biden
Avg Price per Gallon: $3.32
Gas prices were driven up by Russia's invasion of Ukraine, which led to President Joe Biden allowing the largest-ever release of oil from the Strategic Petroleum Reserve (SPR) in 2022. The goal was to stabilize supply and ease the financial burden on American consumers.
By increasing the amount of crude available in the market, this move helped temporarily lower gas prices, providing much-needed relief at the pump. However, while the release offered a short-term fix, it also raised concerns about depleting the strategic reserve for future emergencies. As tensions in Ukraine persisted, the energy market continued to grapple with volatility, making the delicate balance between supply and demand even more critical.
Removing Keystone XL from Construction

Year: 2021
President: Joe Biden
Avg Price per Gallon: $3.41
The cancellation of the Keystone XL pipeline in 2021 was a controversial decision, with concerns over its impact on job creation and energy supply. While the pipeline was expected to create around 50 permanent jobs, critics argued that its impact on gas prices would be minimal.
Proponents of the pipeline contended that it would have contributed to a more secure and stable flow of Canadian oil to the U.S., potentially easing prices. However, the decision was largely framed within the context of environmental and climate concerns, leading to a pivot away from fossil fuels.
Ultimately, the direct effect on gas prices remains debated, with most experts noting that global supply dynamics play a larger role in price fluctuations.
Drilling Down the Strategic Petroleum Reserve for Oil

Year: 2022
President: Joe Biden
Avg Price per Gallon: $3.32
With the help of foreign allies, President Joe Biden oversaw the greatest ever withdrawal of oil from the Strategic Petroleum Reserve (SPR) in 2022 in an effort to curb escalating petrol prices.This move helped to increase oil supply, providing temporary relief at the pump.
Estimates suggested that the release lowered gas prices by approximately 13 to 42 cents per gallon, offering much-needed relief to consumers. However, the impact was short-term, as geopolitical tensions and fluctuating global supply continued to influence prices. Critics highlighted concerns about depleting the reserve for future emergencies, while supporters viewed the release as a necessary step to stabilize the energy market.
