The Biden administration seems to want the elimination of fossil fuels therefore they refuse to take any action to increase supply. At the same time they always blame the increase in gasoline costs as "Putins price increase" which is somewhat irritating. In order to represent the actual truth of the matter I went ahead and pulled average costs per month to see what the truth is:
Prices have gone up since the inception of the war but Biden did more damage than that.
The really concerning aspect of the administration constricting production is that the reduction or removal of oil leases cannot be turned around immediately so even after he leaves office, it will take a while to begin reversing the trend. What will the state of our economy be in after this tragedy?
Source: US Inflation Calculator - Bureau of Labor and Statistics
- Average Price - December 2020 (Prior to Biden) - 2.2420
- Average Price - February 2022 (Prior to Putin) - 3.6750 (39% Increase)
- Average Price - April 2022 (Current) - 4.3690 - (16% Increase)
Prices have gone up since the inception of the war but Biden did more damage than that.
The really concerning aspect of the administration constricting production is that the reduction or removal of oil leases cannot be turned around immediately so even after he leaves office, it will take a while to begin reversing the trend. What will the state of our economy be in after this tragedy?
Source: US Inflation Calculator - Bureau of Labor and Statistics
