Why Biden feels frustrated that Biden'economics are not felt in the polls, but it is temporary.

 This post has been incorporated in January 7 and 17, 2024, updates on the topic.

Americans are actually pretty happy with their finances (axios.com)

 Recently there was some good news. US Consumer Confidence Increased Again in December (conference-board.org)  Consumer confidence indicators improved, but not before Biden's approval ratings tanked (his handling of the Israel-Hamas war was a factor too), but long term and until  November 2024, it will be about how consumers feel themselves about the economy.  

Consumer confidence is also tied to consumer price inex, as well.  Prices go up, and they lose confidence.  Going down, prices are slow to register, but it happens eventually.  The most sensitive to consumers are prices at the pump. The reason Biden gets frustrated is that one fact playing the most in consumers' minds is how much it costs to fill up a tank at the pump.  The problem is, that Biden has little control over it since prices per barrel are set by the oil cartels abroad, and demand and supply depend upon consumers' actions, refinery capacity, and supply availability.. One thing Biden should get credit for is increasing supply. Record U.S. oil production is pushing prices down (axios.com)

‘Pipin’ Hot’: Fox Business Gleefully Reports on Record U.S. Oil Production, Gives Biden Credit For Replenishing Strategic Reserve (msn.com)

Prices always peak in spring and summer and decline later. https://www.energy.gov/energysaver/gasoline-prices-explained#:~:text=Retail%20gasoline%20prices%20are%20mainly,intense%20pressure%20on%20available%20supplies.  That is also true for Trump if he gets another term.  If that is so, November 2024 should help Biden if prices go down.   Measures of gasoline price change : Beyond the Numbers: U.S. Bureau of Labor Statistics (bls.gov)    When Trump left office, national price at the pump per gallon was $2.20, but that was because, between 2019 and November 2020, demand went down 14+%.  Demand dropped, and prices followed.  Nonetheless, he likes to take credit for it." But looking just at the recent rise can be misleading, or at least incomplete. For one thing, a year ago, the United States was battling yet another wave of COVID-19 cases, large parts of the economy were still shuttered, and demand for gas was way down. Estimated consumption in 2020 was 534 gallons per driver, down 14.4% from 624 gallons in 2019"  Gas prices are up, but this has happened many times for many reasons | Pew Research Center

Drill baby drill, shouts Trump from his platform and the gullible cheer. Wait a minute, uninformed, the US is producing and exporting the most oil in history.  Not only that, we have offset Russian and OPEC, and Ukriane factors.    "Not only is the U.S. producing more oil than any country in history, but the amount of oil (crude oil, refined products and natural gas liquids) that it is exporting is near the total production of Saudi Arabia." As 2024 Approaches U.S. Leads Global Crude Oil Production (forbes.com)    Biden can take credit for increasing supply,Record U.S. oil production is pushing prices down (axios.com)

 Nonetheless, that is politics, like it or not.  Prices go up, and opponents point blame; prices go down, and opponents shut up.    So...let us look at the relationship between price per gallon and how consumers feel (confidence).   Now that the price per gallon has really dropped, consumer confidence is going back up.as the price at the pump goes down.  Today, it is good news for Biden...and again in November 2024. 

This summer:

https://finance.yahoo.com/news/gas-prices-are-higher-again-hitting-consumers-very-directly-and-very-profoundly-142018507.html

Now: December 2023

https://gasprices.aaa.com/state-gas-price-averages/