Whoopie and Larry D., along with many others, insist that the fuel price inflation was not caused by President Biden. Perhaps they need a reminder of three important facts: supply vs. demand is a basic tenant of economics, Trump’s goal for the U.S. was energy self-sufficiency, and Biden reversed Trump’s initiatives after taking office.
Trump’s achievement of his goal resulted in 2019 oil prices in the $40s and gas pump prices in the low $2s. Biden’s reversal of Trump’s initiatives caused the U.S. to no longer be net exporters of oil and oil products and caused importing of such from foreign friends and foe. The results are oil prices around $115 and gas pump prices doubled or more. Biden is an intelligent man, so it is doubtful that his actions were out of naivete, so why? To kill internal combustion engines? To push EVs? To favor major oil, China, Russia?
The list of top 10 EV battery-producing countries does not include the U.S. but shows China producing 40% of EV batteries. Is Biden trading fuel independence for dependence on foreign friends and foes for oil and batteries at our expense? Less well-off and poor Americans cannot afford the much more expensive EVs, so they will be burdened with high gasoline prices for the foreseeable future.
The fuel price inflation is a large driver of the general inflation because of doubled energy and oil product costs for private people, producers, farmers, transporters, etc. This and the mammoth spending bills hurt the poor class and increases its numbers.
Obviously, Biden and Democrats prioritize their own liberal objectives over the people.
James Powell
Lima
