Biden says price of gas 'over five dollars' when he took office, data shows $2.39

Biden made the comment while in Syracuse, N.Y., in a speech about the CHIPS Act.

Updated: October 28, 2022 - 8:32am

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President Biden said during as speech Thursday that the cost of gasoline was "over five dollars" when he took office, when the average price for regular gas was reportedly closer to $2.39.

Biden made the comment while in Syracuse, N.Y., in a speech about the CHIPS Act, according to Fox News.

"The most common price of gas in America is $3.39, down from over five dollars when I took office," Biden said. "We need to keep making that progress by having energy companies bring down the cost of a gallon of gas that reflects the cost of paying for a barrel of oil."

The national average price for a gallon of regular gas in the week ending Jan. 25, 2021, just after Biden took office, was $2.39, according to data review by Fox News from the Energy Information Administration.

The average price for a gallon of regular gasoline didn't hit $5 until June 2022.