Why was oil higher under Biden? Why is he called Sleepy Joe?

Why gas was higher under Joe Biden

The comparison is real but the context matters enormously. Gas was selling at an average of $2.38 when Joe Biden was inaugurated, a price attributed in part to the lingering economic slowdown caused by the COVID pandemic. That is a low baseline: demand had collapsed and prices had cratered. When Biden took office the economy was reopening after COVID. Suddenly everyone wanted to drive again, travel again, and buy things again, but oil production hadn't caught up yet. When demand jumps faster than supply, prices go up.

Then came the bigger shock. Prices rose significantly following Russia's full-scale invasion of Ukraine in February 2022. The price peaked at over $5 a gallon in June but then fell back quickly as more oil came online. By the time Biden left office, prices were just over $3.10 a gallon.

For the full term, Biden averaged $3.46 at the pump, compared to $2.48 during Donald Trump's first term. But a lot of that low Trump-era number came from 2020, when COVID crashed demand and pushed prices way down. Neither president set the price. The biggest factor by far is global crude oil prices, which depend on global supply and demand. OPEC decisions about how much oil to pump move prices, as do wars and global events like the Russia-Ukraine war, which spiked prices everywhere.

The current picture is worth noting: gasoline prices under Trump's second term are higher than they were for roughly 91% of Biden's time in office, even though they have not exceeded Biden's peak national average of $5.02 per gallon set in June 2022. The recent rise in fuel costs is closely tied to new geopolitical shocks, notably the Iran conflict and related supply fears, rather than simple domestic policy changes.

Where "Sleepy Joe" came from

"Sleepy Joe" is a nickname for Joseph R. Biden Jr., the 46th president of the United States, coined by former president Donald Trump on April 25, 2019, shortly after Biden announced his candidacy. The name comes from Trump's suggestion that Biden is suffering from a cognitive decline of his mental faculties. On April 25, 2019, Trump tweeted, "Welcome to the race, Sleepy Joe."

Trump popularized "Sleepy Joe" extensively during the 2020 election cycle, incorporating it into rally speeches, interviews, and over 200 social media posts by November 2020. The rhetoric intensified following Biden's faltering performance in the June 2024 presidential debate hosted by CNN, where Biden exhibited verbal stumbles and appeared disoriented. Biden later withdrew from the race.

It is one of a long line of Trump political nicknames designed to stick, alongside "Crooked" Hillary, "Low Energy" Jeb Bush, and "Lyin'" Ted Cruz. The goal is always the same: plant one word in people's minds and let it do the work every time the person's name comes up.