Biden’s Economic Literacy
- When Biden took office in January 2021, the average U.S. price for a gallon of gasoline was $2.25 per gallon.
- As prices have risen, the administration has changed its strategy
- First, it ignored inflation, dismissing it as a temporary blip
- Then, Biden ordered releases from the Strategic Petroleum Reserve, claiming that the move would ease inflation at the pump
- Now Biden is threatening oil companies
- In a series of letters to oil CEOS, the president claims that the companies can immediately increase output from their refineries, seemingly implying that they are deliberately restricting output
- With a president who demonized hydrocarbons while campaigning and cancelled the Keystone Pipeline on his first day in office, it's not surprising that oil companies show little interest in investing in new refinery capacity
- Biden pledged to intervene if he doesn't see results
- There's a simple solution: stop the soapboxing and embrace policies that work
https://www.city-journal.org/bidens-demagoguery-on-gas-prices?wallit_nosession=1
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