Is Biden To Blame For High Gas Prices? Odds Imply Over $3.50 A Gallon By 2022
It’s no secret. The Presidential Election odds for Joe Biden in 2024 have been slipping since early spring of this year for a variety of reasons, with most books now favoring an outcome where someone else gains control of the White House in three years’ time.
Literally adding fuel to the fire are rising gasoline costs in America, with drivers on the west coast feeling the burn worse than any. The left coast also leans heavily Democratic, and this building gasoline price crisis has the potential to disenfranchise Biden from his base, at least those not wealthy enough to purchase a Tesla.
The current national average price for a gallon of gas in the United States is $3.41, up a full $1.27 from this time one year ago during the regime of President Donald Trump.
The following political prop bet has been posted by MyBookie and favors an outcome where the national average price per gallon will exceed $3.50 before the clock strikes midnight on New Year’s Eve.
National Average Price Of Gasoline Odds
- Over $3.50 A Gallon By End Of 2021 -200
- Remain Under $3.50 A Gallon In 2021 +160
The above moneyline odds for the price escalating to $3.51 or higher will net a dollar for every two that are risked, whereas gambling on the under will payout at $1.60 for each $1 wagered.
Just one calendar month ago the price for a gallon of gas was averaging $3.31, exhibiting the ability for the market to easily shift ten cents over the course of 30 days.
The posted moneylines for each outcome are probabilities for success that were initially set by the oddsmakers and are currently resting at a number that has been adjusted until action is coming in evenly for both outcomes.
That means the odds don’t reflect an actual scientific probability of occurring, and merely suggest the direction that common betting winds are blowing.
Gas prices were one of many reasons that Democratic President Jimmy Carter did not win a second term in 1980.
Biden is not ignoring the issue, however, as he’s now demanding an investigation from the Federal Trade Commission to find out if illegal actions are behind the rise in cost.
“[G]asoline prices at the pump remain high, even though oil and gas companies’ costs are declining. The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”
Excerpt From A Joe Biden Letter To The FTC
Decisive action is a good sign, but results, and more importantly, lower gas prices, will be key components in voters’ minds when they cast their votes in the 2024 Election.
The current odds for betting on 2024 Presidential candidates suggest that the Democratic Party will win, but due to the uncertainty of which DNC politician will lead the way, the futures actually favor Trump at the moment.
One thing to remember about betting on futures odds is the timeline involved. In the case of these gasoline price futures, bets will cash in on January 1 of 2022.
Any bets placed on the 2024 Presidential Election will not earn a dime until a winner is officially certified, but the moneylines payout handsomely when wagered upon at such an early stage.