A TRUE BIDEN SINKER: This administration's future may well lie with the price of gasoline at the pump. From Bloomberg:
Gasoline prices have surged to a record high for this time of year in the US, jeopardizing the fight against inflation that’s dogged President Joe Biden.
Average regular gasoline now costs $3.866 a gallon, a seasonal record on a trailing-12-months basis, according to data from the American Automobile Association. Prices have risen by 7.8% in just eight weeks in a rare late-summer rally.
The gains have been driven by increases in the price of oil, which jumped about 20% in the past two months. Top analysts from International Energy Agency and Organization of Petroleum Exporting Countries have warned of a crude-market deficit through end-2023, underpinned by the extension of production curbs by Saudi Arabia and Russia.
Gasoline costs already accounted for over half of the increase in the August consumer price index. The continued escalation will likely stoke inflation further while eroding consumer confidence.
Biden last year released a record amount of emergency oil supply in order to tame gasoline’s record summertime surge. This time, the administration is trying to refill the reserves as the vast caverns sit empty, while Biden’s political rivals have seized on high pump prices as a means of criticizing his climate policies.
It’s also unusual to see gasoline climbing at this time of year, after the end of the summer-driving season that boosts US demand.
COMMENT: Under Biden, the U.S. is once again dependent on foreign oil. Under Trump, the U.S. became energy independent. It is hard to see anything beneficial in Biden's oil policy. It simply snatched defeat from the jaws of victory.
It is not surprising to see Biden's energy policy hurting the American people. It was designed by global-warming fanatics and left-wing Democrats who always put ideology ahead of actual human needs. |