Joe Biden

Blame Biden for High Gas Prices

The president is running from his own hefty contributions to record gas prices and inflation.

|

HD Download

The White House is trying to blame record-high gas prices on Russian President Vladimir Putin and the invasion of Ukraine.

"You may have noticed this week that your gas prices have gone up," says Press Secretary Jen Psaki in a widely viewed White House video. "A lot of it has to do with Vladimir Putin." During a press conference announcing sanctions on Russia, President Joe Biden quickly switched topics from rising costs to patriotic sacrifice, announcing, "I said defending freedom is going to cost. It's going to cost us as well in the United States." Facing collapsing approval ratings, Democratic lawmakers are echoing the same argument. New York Rep. Gregory Meeks announced that Americans should be happy to "make that kind of sacrifice because in the long run, democracy is at stake."

Even simpatico comedians are pushing the idea that gas prices are setting new highs mostly because of world events but the hike is worth it if it hurts Russia more than American consumers. "I'll pay $4.00 a gallon," said Late Show host Stephen Colbert. "Hell, I'll pay $15, because I drive a Tesla."

There's no question that the sanctions the United States and most of Europe have levied against Russia, one of the world's largest oil producers, are spooking energy markets. But the so-called Putin Price Hike actually started over a year ago. Biden can't pin our 8 percent across-the-board inflation rate, the likes of which was last seen early in Ronald Reagan's first term, entirely on Putin. Indeed, all last year, the president and his allies in D.C. and the press were waving away inflation as a "transitory" phenomenon.

The main culprit is the massive infusion of money into the economy over the past few years by the federal government and the Federal Reserve. Spending in Washington increased 50 percent between 2019 and 2021 on both Biden's and Donald Trump's watch. In 2019, federal spending came to $4.4 trillion (a record level). It went up to $6.6 trillion in 2020 and then hit $6.8 trillion in 2021, a three-year jump never before seen. That's a surefire way to boost the cost of everything, as more dollars chase basically the same amount of goods.

And when it comes to energy specifically, the Biden administration has pursued a number of policies designed to make it more expensive to produce fossil-fuel energy in an effort to reach a goal of net-zero carbon emissions by 2050. In fact, environmentalists cheered Biden's bold moves just a week into his presidency as "the most remarkable day in the history of America's official response to the climate crisis." As Bill McKibben wrote in The New Yorker, Biden's actions marked "the official beginning of the end of the fossil-fuel era."

The president's measures have included halting new permits for drilling and leases on federal lands, shutting down the planned Keystone XL pipeline, and proposing the end of tax credits for new drilling and exploration projects. He's been joined by congressional Democrats who have been working to tighten regulations loosened during the Trump years and otherwise clamp down on oil producers. At the state level, ousted Democratic Gov. Andrew Cuomo banned fracking in New York in 2014 and California has effectively stopped the practice in anticipation of a 2024 ban.

Even when such moves have been overturned by courts or only affect future operations, Biden and the Democrats have sent a loud and clear signal that the future will be green, even if renewable sources aren't up to the task of supplying our energy needs. Currently, less than 13 percent of our energy comes from renewable sources and even as wind, solar, hydroelectric, and other sustainable sources get cheaper and more reliable, we're a long way from independence on fossil fuels.

If patriotism is the last refuge of a scoundrel, Biden is blaming Putin for the predictable results of his and Trump's irresponsible spending policies. If we can't expect lower fuel prices any time soon, we can at least demand an honest accounting of the main cause of inflation, the most insidious form of taxation. After printing money to pay for federal largess, the bill is coming due at the gas pump, the grocery store, and just about everywhere else.

Photo Credits: Tom Williams/CQ Roll Call/Newscom; Sipa USA/Newscom; Alexei Nikolsky/Kremlin Pool/ZUMAPRESS/Newscom; shannonpatrick17 from Swanton, Nebraska, U.S.A., CC BY 2.0, via Wikimedia Commons; Peter Bennett / DanitaDelimont.com Danita Delimont Photography/Newscom.

Music Credit: "Anchor," by Florian via Artlist.

Written and narrated by Nick Gillespie. Edited by Regan Taylor.

NEXT: Risking Their Lives to Rescue Afghans Left Behind

HD Download

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

    1. Fuck Joe Biden.

      1. Blame Biden? For high gas prices? For ANYTHING?

        Hey all of ye Reasonoid readers! Do NOT bother to read this article about Joe Biden (or his policies)! Do NOT bother to read (or read about) ANY links, facts, or logic contained in this article and-or video! Do NOT bother to trouble your pretty little heads about silly factual details gathered by useless Reason-writer eggheads!

        Because I, the SMARTEST ONE, can “summarize” it ALL for you! Here it is, above article summarized: “Senile Mackerel Snapper Bad”!

        (/Sarc, revenge for moronic “summaries” about “Orange Man Bad”)

        1. ...the Biden Administration could very significantly reduce retail gasoline prices by suspending the requirement that: in order to sell a gallon of gasoline in the USA, one must purchase a renewable identification number (RIN). The obvious move would be to suspend the requirement through to November 2022.

          Consumers do not buy crude oil, they buy gasoline. A massive decline in retail gasoline prices would impact both the consumer price index and the personal consumption deflator, which is the Federal Reserve’s preferred inflation measure. As was described in MVRL: The Only Remaining Leveraged mREIT ETN https://seekingalpha.com/article/4476775 a major cause of the increase in gasoline prices is the Renewable Fuel Standard program administered by the U.S. Environmental Protection Agency. This program which started more than twenty years ago has nothing to do with climate change. Rather, its intent was to promote ethanol production, in order to reduce America’s dependence on imported oil. Fracking solved that problem. When the carbon released by the combustion and production of agriculturally derived ethanol is considered, it likely has no benefit in terms of climate change.

          One might wonder why the program persists. The owners of America’s oil refineries who must buy the RINs would appear to have enough financial resources to make the political contributions and similar expenditures to eliminate the program. However, much of the cost of the RINs are passed on to the retail buyers of gasoline, while the money paid for the RINs goes directly in the pockets of those who sell the RINs. This imbalance in the political power, and the influence of the farm lobby, has been enough to keep the program in place.

          In November 2021, it was estimated that the surge in RIN prices was increasing retail gasoline prices by 30 cents per gallon. It is likely much more now. Were the administration to announce that any gasoline sold from now until November 2022 would not require any RINs, refiners would flood the market with gasoline. Many of the refineries now idled would be restarted. As of the week ending February 11, 2022, U.S. refineries were operating at 85.3% of capacity. Furthermore, any scheduled refinery downtime due to elective maintenance would be postponed until after November 2022, as refiners would maximize the amount of fuel they can sell without having to buy RINs..." https://seekingalpha.com/article/4491249

        2. Fuck SQRLSY One

          1. I make 85 dollars each hour for working an online job at home. KLA08 I never thought I could do it but my best friend makes 10000 bucks every month working this job and she recommended me to learn more about it. The potential with this is endless.

            For more detail.......... http://applyjobs4.tk

        3. You have to excuse the Retarded Republicans and the Lying Libertarians.

          Gasoline prices are up all over the world, and America is a pipsqueak nation who's internal policies don't control Gasoline prices in the Sudan.

          Gas prices are up because... Capitalism.

          Don't like it? Blame the Capitalist oil industry.... They set the price.

          Libertarian organizations like Reason exist to spread pro-corporate propaganda. In this instance the goal is to redirect blame for high gasoline prices from the Oil industry to anyone else.

          Biden is selected because Republicans have Low IQ's.

          1. It is merely coincident that gas prices started rising immediately following Biden's EOs to reduce production of gas and oil. Don't let anyone tell you different. Just because it seems the country and world are going down the drain suddenly after the Biden regime took office means nothing. As long as "orange mad bad" is gone we should strive to enjoy being forced to choose between eating and heating. Being cold and hungry is good for the character. If our children freeze and starve at least there is no more mean tweets. Don't let anyone tell you it isn't worth it even if your 401k is disappearing, you can't afford your bills or to even eat.

            1. Fuck Joe Biden

          2. Yes, I mean in Illinois they only raised the tax 25 cents last year on gas.

            Yes those greedy oil people, that invest, drill, and provide a product with small margins. Damn them for helping life. Go Biden for canceling US production!

            Biden is selected because no mean tweets and Democrats IQs are in the single digits. Let's vote for the guy in office 40 years to solve the problems he made!

            Go kiss your AOC poster

        4. Finally a proven way of earning money online. Yes! you can earn more than you think only by working just a few hours from home regularly. I have been Hav doing this job for like a few weeks and my last weekly payment was exactly 2537 dollars.

          See More Information Here…Visit Here

      2. FJB, and death to SQRLSY.

        1. Do you recall the awesome enchanter named “Tim”, in “Monty Python and the Search for the Holy Grail”? The one who could “summon fire without flint or tinder”? Well, you remind me of Tim… You are an enchanter who can summon persuasion without facts or logic!

          So I discussed your awesome talents with some dear personal friends on the Reason staff… Accordingly…

          Reason staff has asked me to convey the following message to you:

          Hi Fantastically Talented Author:

          Obviously, you are a silver-tongued orator, and you also know how to translate your spectacular talents to the written word! We at Reason have need for writers like you, who have near-magical persuasive powers, without having to write at great, tedious length, or resorting to boring facts and citations.

          At Reason, we pay above-market-band salaries to permanent staff, or above-market-band per-word-based fees to freelancers, at your choice. To both permanent staff, and to free-lancers, we provide excellent health, dental, and vision benefits. We also provide FREE unlimited access to nubile young groupies, although we do firmly stipulate that persuasion, not coercion, MUST be applied when taking advantage of said nubile young groupies.

          Please send your resume, and another sample of your writings, along with your salary or fee demands, to ReasonNeedsBrilliantlyPersuasiveWriters@Reason.com .

          Thank You! -Reason Staff

      3. Biden doesn't set gas prices. The Capitalist Oil industry does.

        You be a stupid boy.

        1. Keep repeating it. Maybe you’ll realize you’re retarded.

          1. Biden doesn't set gas prices. The Capitalist Oil industry does.

            You be a stupid boy.

            1. Wow, the nazi douche bag is back. In full retard mode no less.
              When an administration hostile to the fossil fuel industry cancels future and present pipeline access, vows to end the use of coal and oil, and even goes as far as to say that he thinks the execs of fossil fuel companies should go to jail, those companies are not going to invest in expansion of production. No company can survive operating at a loss, so it is better to consolidate. I thought your self proclaimed genetic superiority and 3,000,000 IQ would have figured out that. So yeah, Joe Biden's fault.

      1. Biden doesn't set gas prices. The Capitalist Oil industry does.

        You be a stupid boy.

        1. But they set prices according to such things as physical supplies and materials, the market and the costs of doing business.
          when you shut off the oil valve, it creates shortages of fuel and thus the price rises accordingly.
          When the market experiences such shortages of goods, the price naturally rises.
          Economics 101.

          1. And they set prices by charging more, or by limiting supplies, or by having others limit supplies. Or by speculating on the future price of oil with their magic crystal balls also known a means of giving them an excuse to raise prices.

            Biden doesn't set gas prices. The Capitalist Oil industry does.

            You be a stupid boy.

            1. Flew right over your head didn't it.

            2. Trump set the price of oil through his policies both domestic and foreign. So why did you vote for a loser that can't even set the price of oil? Bragging about it and confirming he is too incompetent to set the price of oil seems a bit strange. No wonder you voted for Biden.

            3. Wait so Oil industry can set the price? Sweet, why don't they just set it to 200 dollar a barrel? What about a thousand? Why was it 4 dollars a barrel during Covid?

              You have all the answers so share.

        2. When the idiots in control of everything (your elected politicians, that is) fail to permit production, then it is indeed the fault of the idiots. And Grampa Joe is idiot #1.

          Let's go Brandon (Fuck Joe Biden!).

          1. There are thousands of oil permits in the U.S. owned by the U.S. oil industry that are going unused.

            Developing them would lower prices, and that isn't what the Oil Industry is interested in.

            Biden doesn't set gas prices. The Capitalist Oil industry does.

            You be a stupid boy.

            1. Just because there is a permit for a piece of land, does not mean there is oil under it. Could you be any more of a retarded asshole?

              1. VenidcarD doesn't know what he's talking about.

                He's right in there's thousands of unused leases. 9,000 last I heard. 2 years ago they had 37,000 leases. That "thousands" is a small number. Further, there's Biden is delaying permits to allow companies to start drilling, lay pipe to get oil out, and build roads to get to the drilling site. Biden isn't intervening in a case where a Democrat judge threw out leases issued under Trump. All contributing to lower supply of oil.

                Every oil company is pumping as much as they can right now to make money off the high price of oil. They'd drill more if Biden would let them.

        3. Does your mom set prostitute prices.

          1. She certainly does her part to lower them...

        4. Tell me you don't understand economics, without telling me, "I don't understand economics."

          Idiots like Vendicar seem to understand "greed = high prices" but they never pause to wonder why those same greedy bastards would ever LOWER the price.

    2. Well, the libertarian intellectuals are showing their brilliance again. But let's admit this whole article is based on the lie of omission, which Orwell called the most powerful lie of all: "But the so-called Putin Price Hike actually started over a year ago. Biden can't pin our 8 percent across-the-board inflation rate, the likes of which was last seen early in Ronald Reagan's first term, entirely on Putin."
      No and no one did blame it "entirely" on Putin, as the term used was "a lot." No, we can also blame Putin's ally Saudi Arabia, since over a year ago, they agreed to cut production to hike prices. That's where the rising prices began, a deliberate rigging of the market, and then the invasion of Ukraine, which Putin accomplished without the murderous Crown Prince, pushed it up another notch. So its wrong to say Putin is solely responsible (which by the way no one has said) since it was his pal the Fueher of Saudi Arabia and Putin who started the price hikes over a year ago.

      1. Do you even know how inflation even works?

        1. Lack of sufficient supply and competition

          1. In Canada? Democrats don’t live in canadA

          2. To be a bit more accurate - inflation too much money chasing too few goods.

            And why too much money? That is the issue that the Dems try to talk around. The answer is that the Federal Reserve is buying too much Treasury debt. And they are doing that because of the massive spending by esp the Dems (though many Republicans in Congress just approved another $1.5 Trillion in spending). Someone has to pay for deficit spending, and if no one else will, essentially the Fed has to. It does that essentially by printing money.

          3. Who decides what is "sufficient"?

            Biden doesn't set gas prices. The Capitalist Oil industry does.

            What are the other 11 or so causes of inflation.

            List them if you can. You can't. Didn't think you had the capacity.

            You be a stupid boy.

            1. Are you the same Vendicar that got kicked off of city data for being a spastic dim witted wack job. I know the moderator who kicked you off. He say's you post just like that guy.

              1. It has nothing insightful to add so I simply muted the idiot.

        2. The Federal Reserve= inflation.

          1. Well no. Federal Reserve != inflation.

            But thanks for proving that you have a very low IQ.

            Biden doesn't set gas prices. The Capitalist Oil industry does.

            You be a stupid boy.

            1. Federal reserve = inflation of the dollar.
              VendicarDouche = inflation of mental currency.
              Disrupting supply = price inflation.
              Disrupting oxygen from brain = VendicarDouche.
              Conclusion.

              Vendicar must be Joe Biden.

        3. There are at least a dozen sources of inflation.

          Can you list them, Little boy?

          Nope.. Didn't think so.

          1. My sock detector detects a sock.

            1. I almost think SQRLSY.

          2. Biden, Pelosi, Schumer and the rest of the clowns voting to spend more.

      2. Yup. Biden doesn't set gas prices. The Capitalist Oil industry does.

          1. Biden doesn't set gas prices. The Capitalist Oil industry does.

            You be a stupid boy.

            1. Virex is right . RETARD

    3. Biden doesn't set gas prices. The Capitalist Oil industry does.

      1. Polly want a cracker?

  1. https://twitter.com/DolioJ/status/1504873328816889858?t=RBmqM5aXXiNl4QD0NWJlgA&s=19

    This is where we are.

    Remember the "Don't blame China" and "Don't blame all Muslims" campaigns.

    Now, if you don't #BlameAllRussians you are a traitor.

    [Link]

    1. #blamealldemocrats
      #woodchipalldemocrats
      #executeSQRLSY

      1. The intelligent, well-informed, and benevolent members of tribes have ALWAYS been resented by those who are made to look relatively worse (often FAR worse), as compared to the advanced ones. Especially when the advanced ones denigrate tribalism. The advanced ones DARE to openly mock “MY Tribe’s lies leading to violence against your tribe GOOD! Your tribe’s lies leading to violence against MY Tribe BAD! VERY bad!” And then that’s when the Jesus-killers, Mahatma Gandhi-killers, Martin Luther King Jr.-killers, etc., unsheath their long knives!

        “Do-gooder derogation” (look it up) is a socio-biologically programmed instinct. SOME of us are ethically advanced enough to overcome it, using benevolence and free will! For details, see http://www.churchofsqrls.com/Do_Gooders_Bad/ and http://www.churchofsqrls.com/Jesus_Validated/ .

        In conclusion, troglodyte, thanks for helping me to prove my points!

      2. "#executeSQRLSY"

        Let's not be that way.

        1. Collective tolerance for these people may soon result in nuclear war. How much are their lives really worth to you?

          1. All of the vote-stealing Demon-Craps must be BURNED, as the WITCHES that they are, right, witch-burning Vexatious? THAT is how you're going to prevent nuclear war, is by burning ALL of the witches? And ALL who disagree with you, MUST be witches!!! BURN them all!!!

            Funny thing is, I am neither a Demon-Crap OR a witch, but, ya know, for thousands of years, people have known that after you burn the witches, you can steal their property!

            So, EvilBahnFuhrer the tribalist witch-burner…
            So how long till you feel that you’ve built up your tribalistic lies enough, sufficient for you to be justified when you come over here and kill me, and steal my property? Why do you want to steal my property? I DO own MANY books, but they are CLEARLY too long and complex for you to read and comprehend!

            1. Odd how the only people caught violating the Election Laws have been Republicans.

              You be a stupid boy.

              1. Lick them squirrel nuts.

      3. Blame Democrats for the Oil industry raising it's prices?
        You be a stupid boy.

        1. You can try and spin all you want, but the fact is that most people on this forum are smarter than you. I would go as far as to say that, in general, most people are smarter than you.

    2. We had no choice but to blame all Germans until we beat the NAZIs- until the Russian people depose Putin - they are pet of the problem- the ones who defect or protest the illegal barbaric massacre in Ukraine are to be applauded. Arnold Shwatrznegger did a great job of modeling g that attitude-

      Defect Russians!!! Leave for the west- we need your brainpower

  2. If patriotism is the last refuge of a scoundrel, Biden is blaming Putin for the predictable results of his and Trump's irresponsible spending policies.

    I thought "blame it on the last guy" was the last refuge of a scoundrel?

    1. Pretty sure that's their first refuge, not last.

      It was Obama's signature move for 6 years.

      1. Racist!

    2. Mad Casual
      What kind of name is that?

    3. The true people raising prices are of course the Capitalists who run the Oil Industry, and trade in Oil futures.

      1. Damn straight I trade in oil futures (or would if I had the cash). People need fuel, and oil (and gas) are the only practical way to meet that need (until such time as the idiot greens stop blocking nuclear, in which case we can all go that way and solve the whole issue). Putting up the cash to keep the pump going is a civic duty, but making a bit of jing off of it is just good sense.

        Pump baby, pump!

      2. If the grand jury indicts the big guy will he lose his 10%?

  3. What is happening is the intended result of democrat policies, as spelled out in their platform.
    Please read that document, and remember in November what it says.

    1. Precisely. This is on purpose.

  4. I thought it was going to be great when people used less gasoline? Wasn’t that the goal?

    1. Using less gasoline is certainly a goal. Unfortunately stupid people in the U.S. and elsewhere are not using less.

      Meanwhile temperatures in the Antarctic have just been reported to have been 70'C higher than recent historical norms, and we are on pace for another near or record low ice extent this year.

      PIOMAS which is a measure of ice volume continues to plummet.

      http://psc.apl.uw.edu/wordpress/wp-content/uploads/schweiger/ice_volume/BPIOMASIceVolumeAnomalyCurrentV2.1.png

      1. Stupid people like Vendicar do not have a suitable replacement for fossil fuels, nor do they realize that the electricity that comes out of the wall came from a coal or oil fire power plant, if not from nuclear.
        Are there enough electric cars to replace the current number of gas-powered vehicles on the road? No.
        Are there enough semi-conductors to make the amount of electric cars needed to replace gas vehicles? No.
        Can the vast majority of drivers afford to buy a new electric car? No.
        Are there enough charging stations to accommodate the use of so many electric vehicles? No.
        Is VendicarDouche a socially challenged moron who keeps screaming the same thing over and over because he just isn't capable of understanding reality? Yes.

  5. >>results of his and Trump's irresponsible spending policies

    if you're going to throw T in, throw O in and W and WJBC *and* Mr. Read My Lips etc.

  6. Nobody outside of the Joe Friday contingent is blaming Putin.

    1. Take it easy on fuck Joe Friday; it’s not easy being a 50 center lately.

      1. Did Trump ever make it past 35 cents?

        1. You post so much, you've got to be a 5 center.

  7. The Yankee Doodle Boy
    I'm a CRACK Doodle Daddy,
    A CRACK Doodle, do or die;
    A real live nephew of my Uncle Sam,
    Born on the Fourth of July.
    I've got a CRACK Doodle son,
    He's my CRACK Doodle joy.
    CRACK Doodle came to Kiev, just to ride the monies;
    I am the CRACK Doodle Daddy.

  8. Fuck Sleepy Joe Biden, who at this very moment as we speak is on his way to spend yet another lazy-ass weekend camped out on his Rehoboth Beach basement bunker barcalounger sleeping 12 hours a day, shoveling gallons and gallons of Turkey Hill ice cream down his gullet, and watching "Matlock" reruns for about the hundredth time.

    1. To be fair, each viewing is new to him - - - - - - - - - -

      1. To be fair, he thinks that each episode is the pilot of a new show.

        1. He's great with his hands though.

    2. Odd how so many Republicans think the president controls prices in the marketplace.

      Maybe next week they will be demanding Biden lower the prices of peas and canned beans.

      Republicans just don't understand how Capitalism works.

      1. And you don't understand how economics works.

        1. Does not understand pretty much sums Vendicar up on any subject.

      2. Or policy choices.

  9. With both the supply and demand for oil being reduced because of a transition from internal combustion to electrified vehicles, a surge in fuel prices should have been avoidable. The International Energy Agency estimates that as of January 2022 there are approximately 16 million electric vehicles in operation worldwide, consuming roughly 30 terawatt-hours of electricity yearly. In layman terms this is equivalent to total electricity used in Ireland in a year for example. In 2021 electric car sales more than doubled to 6.6 million units, representing nearly 9% of the global car market, or more than triple its market share in two years.

    When supply declines less than demand, the equilibrium price will decline. However, many of the climate-related efforts to reduce carbon emissions focus on reducing the supply of fossil fuels by discouraging or preventing exploration and production activity and investment, by government fiat, disallowing market forces to operate effectively. These actions include restrictions on fracking in the USA; reducing or eliminating oil lease auctions; stopping or slowing pipeline construction; preventing financial institutions from lending to or investing in fossil fuel related companies; and designating many areas off-limits to exploration and drilling. Sadly, the leading presidential candidate in Colombia, Gustavo Petro, has pledged to end all oil exploration in that country. A headline in the February 20, 2022. New York Times was “Biden Administration Halts New Drilling in Legal Fight Over Climate Costs”. This action by the department of Interior now prevents both new federal oil and gas leases as well as drilling permits..." https://seekingalpha.com/article/4491182

    1. More simply put, if we get rid of the leftists this all goes away.

    2. Those in charge would fuck up a two car funeral.

    3. Plenty of raw product- 9.7 million barrels a day in domestic US and growing- need more refineries In Canada

      1. The US can’t build refineries thanks to leftist regulations and leftist lawfare.

  10. I doubt the Biden energy policies had much effect on overall global oil production, which is the main determinant of prices.

    1. Show your math.

    2. .25!cents; you’re not worth .50

    3. I'm proud of you.

      Admitting your ignorance is the first step on the road to learning.

  11. What a silly silly article. We need supply of refined petroleum product to be more than demand. Drillers can drill more but they won’t. They should sell their 9,000 lease on public lands to those that will drill. The real problem with supply is monopolist price fixing by too few retail outlets. Sam’s Club, and others are bringing prices down- In Daytona Beach, Florida Buc-ee's and Walmart owned Sam's Club are in a gas price battle.Costco competing on price too. Need more independent filling stations who compete on price. Currently down to 3.77 vs 3.72 in Fla. Keystone is a straw man argument- get Canada to build refineries at the border and ship the refined products in by tanker truck.

    1. Those vaunted leases are temporary and must be returned if no oil is produced. And then you have to purchase a separate permit to starting drilling.

      The oil companies having lease to drill is no different than you having lease somewhere to operate a lemonade stand. They have to actually explore WHERE to drill, because not all lands have abundant oil. That itself cost money. After that you have to deal with a bunch of local regulations and environmental rules. Oil has to be refined and transported, and the democrats are hostile to all of that.

      http://www.api.org/news-policy-and-issues/blog/2022/03/04/the-red-herring-of-unused-leases

      http://www.api.org/news-policy-and-issues/blog/2022/03/04/the-red-herring-of-unused-leases

      Oil prices are speculative. If shortages are forecasted, prices will likely drop even when actual shortages occur. If we were interested in being less dependent on Russian oil, we had to give oil companies incentive to drill when supply is abundant.

      Oil is a natural resource and not a brand, so it makes little sense to compare it Sam's Club products. Walmart uses non union workforce and purchases cheap products in bulk - they take measures to save cost for consumers.

      Do you think oil companies and retailers waited to fix prices as soon as Biden took office? Because they're secretly Trump fans?

      1. More supply lower price- unless price fixing- Sam’s sells gas so does Costco. They compete on price but you have to belong…. More individually owned fillings stations - lower price- more refineries, lower price- yes price of oil matters- most leases in the shale areas owned by two companies- set the wild Catters free- no more monopolist ownership of shale leases….more drillers, more supply, lower prices. Keystone is a mode of transportation for Canadian oil-nothing more- it can get across the border as refined product of the Canadians would build A refinery or two. oh and by the way- quickest route to lower prices- lower demand- get the silly trucker protests off the road

        1. You can’t build more refineries because of you democrats. They can’t drill more because of lawsuits from your fellow travelers. This is all your fault.

          1. In Canada? Democrats don’t live in canadA

            1. It is literally you brought up Canada. The discussion is about the US and Biden.

          2. The oil industry is sitting on 9,000 oil leases.
            They chose not to produce.

            Hence higher prices.

            Biden doesn't set gas prices. The Capitalist Oil industry does.

            You be a stupid boy.

            1. Did you sit at the front or the back of the short bus?

              1. At the back, licking the window.

        2. Democrat policies hindering oil production is the reason why there isn't enough supply to lower demands.

          There are filling stations are where gas is sold, they have no impact on the actual production. A million Walmarts will sit empty if farmers produce nothing.

          20 indie oil companies would be bound by the same regulatory roads blocks and cost of drilling just as the big oil companies. Oil is a natural resource, and the means to extract it is pretty much the same for everyone. Competition can only lower prices if market forces are allowed to play.

      2. Not to mention all the leftist lawsuits when ever a permit is pulled. The progs engage in lawfare to stop all possible drilling.

      3. This article from the American Petroleum Industry offers some insight, but tends to contradict itself a bit.

        First, it says "Developing a lease takes years and substantial effort to determine whether the underlying geology holds commercial quantities of oil and/or gas." In other words, new leases could not possibly effect short term prices. If we demand a bit more detail about what "takes years" means, it could be that Biden not signing any new leases could not possibly have any appreciable effect on prices because <2 years (Biden's term in office and thus the time within which no new leases have been signed) is much shorter than the "years it takes to develop a lease."

        Rather, we will have to concede that the extra leases that the Trump administration signed did not really do anything because, at the time, oil producers were not putting in the necessary investment because of the tanking of demand and thus price due to the pandemic. They still are not putting in the necessary investment. Despite what some in these comments suggests, it likely has nothing to do with greed. More to do with fear. Last time prices spiked upward, oil companies invested lots. This was the Fracking boom in the middle 2000s. Shortly thereafter, the price tanked because of an oversupply due to the over investment while prices were high. Lots of money was lost on fracking wells that could not break even when the price tanked. Oil companies are understandably worried about a repeat of that.

        1. Just the news that more leases are available will drive oil prices down. That’s how commodities markets work. Why do you come here and presume to make lengthy assertions about oil markets when you don’t have the slightest understood how they work? FFS, oil dropped around 10% last week on news that the UAE was looking to expand production. Yet no more supply is immediately forthcoming.

          All Biden has to do is announce he’s reversing all his moronic orders form 2021 and prices will come down.

          1. This is exactly right. Prices did not tank because of an oversupply of investment while prices were high. Rather, OPEC was attempting snuff out frack drillers by increasing supply. Don't believe me? See Saudi Aramco in the credits for the movie Gasland. Also, consider that displaced emission vehicle manufacturers such as Tesla et al have a lobbying interest to raise gas prices.

  12. The Anti-American Communists that call themselves Democrats are destroying The United States with their policies and actions.
    Past time to vote ALL of the DemonRats and RINO's out of office.

    1. Put Charlie Baker at the head of the RINO list and I won't complain.

  13. This article is nuts. Gas prices are linked to the supply (which Biden has not been in office long enough to really affect), and global oil markets, which Biden has no control over. Gas prices are up all over the world.

    1. Read the article; what has Biden not done to make this worse?

      And it sure as hell didn’t happen two weeks ago.

      1. According to GasBuddy, gas was $3.60/gallon on Feb 27 and jumped to $4.36 by March 10. It was $2.40 on Inauguration Day.

        1. Because of Trump's shitty economy.

          Trump = worst 4 year GDP since Hoover.

          Oil prices dove in 2020. For one day oil traded at 00. There was so much oil the cost to store it was higher than its selling price.

          1. This has all been debunked over and over. You’ve pulled this, what, 20 times now?

          2. Oil prices in CA were barely 5 dollars when Trump was in office. I think it was 4.50 per gallon in my town. Why do you lie? What does oil does prices in February 27th 2022 have to do with Trump's economy? Inauguration day was in 2020.

            The trump years saw record low unemployment for POCs and rising wages. Now America is plagued by inflation and energy prices not seen since the Carter year. At 37% approval rating, Biden is the least popular president in American history. And that's WITH the media protecting his ass and obscuring his failures are every known turn.

    2. Sure Molly. It’s not Biden.

      So, explain natural gas prices having doubled under Climate Change Joe. That’s a completely domestic market, so you can’t blame those dirty foreigners for that.

      Biden came into office wanting to chase off hydrocarbon demand by reducing supply and therefore increasing prices. Now that it’s gotten away from him and people are pissed, he’s trying to avert blame any way possible.

      1. We are shipping record amounts of LNG out as exports. We run full throttle on the 16 LNG terminals and Biden just approved more of them.

        Natgas is not "purely domestic".

        1. “Record amounts of LNG” doesn’t amount to any actual volume. In 2020 the US produced 33.5 TCF and exported around 5 TCF. That’s…15% of our production.

          So yeah, it’s a domestic market. Unlike oil, which is produced everywhere and used everywhere. And despite your pseudo intellectual garbage, you didn’t explain why prices doubled.

          Your hard in for Trump is not allowing you to see the pathetic incompetency of our current administration.

          1. He’s even harder in for prepubescent boys.

      2. The U.S. became Europe’s largest source of liquefied natural gas (LNG) in 2021, accounting for 26% of all LNG imported by European Union member countries.

        In January 2022, the United States supplied more than half of all LNG imports into Europe for the month.

        Exports of LNG from the United States to EU-27 and the UK increased from 3.4 billion cubic feet per day (Bcf/d) in November 2021 to 6.5 Bcf/d in January 2022—the most LNG shipped to Europe from the United States on a monthly basis to date, according to the U.S. Department of Energy’s LNG Monthly reports and our own estimates, which are based on LNG shipping data.

      3. That is the entire game of the democrats: shut down all oil and gas production and force Americans into the fraud of "green energy".
        They have openly stated this. This is part of AOC's Green New Deal, which will actually become the Green Raw Deal.
        The closing of drilling permits and shutting down of pipelines and other threats all contribute to the market forces which cause prices to rise. Along with that is the inflation by the Federal Reserve of trillions of excess money. Factor in the lockdowns ordered by ignorant, stupid and power hungry politicians and we have a perfect storm to create runaway prices.
        Up next: RECESSION

    3. See, cancelling the Keystone XL, which never carried any crude and was about 5% finished sent oil prices up WORLDWIDE.

      In wingnut world that actually makes sense.

      Now if you want to blame federal spending for WORLD crude prices Trump is at least half to blame.

      At $100/barrel crude is still far less than the 2008 high when federal spending was mild compared to today.

      This article is pure garbage.

      1. This has been explained to you many times you lying pedophile. Spread your lies elsewhere.

        #tortureshriketodeath

        1. You're full of shit.

          1. No, you are. We’ve been through this with you. And you are in fact, a pedophile.

        2. Do not assume lies when "He is a moron" is an equally valid answer.

          1. He needs to kill himself so he stops raping children.

            #shrikesuicide

    4. "Gas prices are linked to the supply (which Biden has not been in office long enough to really affect), and global oil markets, which Biden has no control over."

      Gas prices are speculative. Meaning if there was some turmoil in oil producing regions of the world, prices would start to tick up even before actual shortages occur. If oil companies don't raise prices in anticipation of future event, they'll be cripples with future losses if demand really starts to exceed supply.

      Biden cancelled keystone, and that alone dampened future prospects for oil companies here. He also amplified his party's misbegotten efforts to transition away from fossil fuel. He was well on his way to cancelling tax relief and subsidies for oil companies before the current disaster took that off the table.

      This is a fairly simple concept - Biden went out of his way to hinder drilling and that decision cost the country when it became less dependent on foreign oil owing to the war in Ukraine. If you want to be pedantic, you can say he's not singularly responsible. But he's the head of the party that was hostile to oil, and he carried out decades long party green agenda. Gavin Newsom is arguably responsible for high living cost in CA on his first year in office, because he's member of the party that made that reality and continued to execute their agenda.

      If Biden started to drill in his first year, we'd have more domestic future supply. That's better than us having less supply and begging Venezuela for more oil.

  14. "I'll pay $4.00 a gallon," said Late Show host Stephen Colbert. "Hell, I'll pay $15, because I drive a Tesla."

    Laugh away you entitled asshole, it’s only money.

    1. CBS also contractually provides limo service for his job commute. I’m pretty sure Colbert is t present when the driver gases it up.

    2. I have to laugh at Colbert and al the other Tezla owners.
      When the power companies no longer have fuel to run the boilers and turbines to create electricity they shut down. All their Tezlas will become inert objects.
      Colbert like all liberals believe electricity comes from an outlet. Just like they believe food comes from a grocery store.

  15. Koch industries was founded by an actual, proud Nazi sympathizer who founded the John Birch Society. It's currently refusing to stop doing business in Russia, which is no surprise given their long, unbroken support of fascist dictatorships.

    There is seriously something wrong with their genes.

    1. "Sympathizer" is the wrong word. He actually contributed industrial capacity to both the Hitler and Stalin regimes.

      Then at some point they started a magazine.

      1. Did you know that the NYT’s was also a big supporter of both Hitler and Stalin? Of course you didn’t. You will either memory hole that fit, or lie and say it’s not true.

    2. Sure. That has a lot to do with the subject of the article

      And now those evil Kochs are getting even richer thanks to ‘ol Joe.

      1. It's always a good day to kill fascists.

        1. So you will be presenting yourself for execution?

          #executefascisttony

    3. Funny, Biden really is not stopping either. He wants Russia to help us give money to Iran, another lovely country. Which drives Saudi Arabia to China and helps further undermine the dollar.

      Fuck, why do you hate America enough to elect this noxious shitbag Biden, Tony?

  16. Considering that the US was still energy independent in 2021 and produced more oil than in 2017 or 2018 and nearly as much as in 2020, it seems Biden's "War on Fossil Fuels" is a miserable failure. But on the bright side, oil company profit margins have taken a huge leap and executives are laughing at us all the way to the bank.

    1. Yes, new drill rigs in the US have more than doubled this past year and record US oil/gas production is occurring according to the EIA.

      All Biden's fault.

      1. Biden gets no credit for that. You lying child rapist.

        #executepedophileslikeshrike

        1. Of course not.

          Never said he did.

          But blaming Biden for WORLD oil demand is absurd.

          1. We're one of the oil producing countries in the world. We're not affected by "World oil demand"?

            Biden cancelled keystone. Production that may have occurred before his administration has nothing to do with Biden. The democrat do NOT want more drilling, they SAY as much. They fight tooth and nail to build more refineries and pipe lines and ban efficient methods of extractions like fracking. Several oil rich regions are off limits on their turf.

            Your senile hero knows he's screwed on supply, so he's begging Venezuela for more oil. Oil companies weren't about to go all out on new drilling when their president was openly hostile to their industry.

            http://www.api.org/news-policy-and-issues/blog/2022/03/04/the-red-herring-of-unused-leases

            http://www.breitbart.com/politics/2022/03/14/exclusive-oil-executive-rejects-bidens-blame-white-house-slow-walking-permits-energy-development/

  17. "BuT tHe PrEsIdEnT iS jEwIsH!"

    https://twitter.com/RWApodcast/status/1504972430170800129?t=fBW-bHwCpEXiIeqbywgOvw&s=19

    In his latest address, Zelensky said that he has awarded commander of Azov Regiment Prokopenko & commander of the 36th Marines Brigade Baranyuk the title "Hero of Ukraine", the highest possible award for a Ukrainian citizen, for their valiant defense of Mariupol. Paulus moment?

  18. Putin is not entirely to blame because over a year ago, he and his pal the Crown Prince of Saudi Arabia, agreed to major cuts in production to hike the price by rigging the market: that is when prices began to rise; then as war seemed imminent, they rose again. So we can blame not only Putin but Saudi Arabia...and then let us not forget the American oil companies who used the upward pressure to escalate prices even higher in an open act of price gouging. So, no it can't all be blamed on Putin, because he had the help of the bloody dictator of Saudi Arabia and the American fossil fuel oligarches helping along.

    1. Trump actually asked them to cut production.

      Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support - sources

      https://www.reuters.com/article/us-global-oil-trump-saudi-specialreport/special-report-trump-told-saudi-cut-oil-supply-or-lose-u-s-military-support-sources-idUSKBN22C1V4

      Fucking Con Man. The Trump Cult cannot defend that cocksucking grifter.

      1. No one will click on your links. You post child porn, you sick piece of shit. You need to be dealt with

        #doxshrike

  19. Canada's inflation rate surges to a fresh 30-year high
    ....grocery prices were up 7.4%. Shelter costs jumped 6.6%, the biggest increase since 1983. Canadian home prices hit a new all-time high in February, data showed on Tuesday.

    https://www.reuters.com/world/americas/canada-annual-inflation-rate-rises-57-feb-highest-since-aug-1991-2022-03-16/

    Biden's fault. He should have approved that pipe extension that never carried any oil.

    1. Try as you might, Biden is not going to fuck you. Nor will Hunter. Nor will Hunter's young kids, who we know are your real targets.

    2. But gee, it would have carried oil in the future, right?

      No one said Biden is responsible for global inflation. But he and his party was among the vanguards of the lockdown movement, which resulted in skyrocketing demand. Then they infused a ton of free money into the economy. Too much money chasing the same suply - inflation.

      You and Tony are like girlfriends who cry and yell in defending an abusive boyfriend who's been battering you like a drum. Your parents and all your friends warned you that he was bad, and they were proven right, but you can't humiliate yourself by admitting that you were wrong, so you cook up some rationale to justify your delusion.

      Did you know that a few of Obama econ advisers warned Biden policy would lead to inflation? You print too much money, and the currency loses value. This is like, basic stuff. Biden wanted to spend like 5 trillion bucks on BBB just last year. It's ok, just tell yourself "Biden is a BAE" even as if he decimates you. 70% of the country has moved on.

  20. What does Canada have to do with Biden's big spending and subsequent inflation? You have not even a bright thinker.

    1. Lack of supply comes from lack of spending on capital improvements and capital equipment. Example in infrastructure spending or lack thereof under trump and prior presidents- blocked highways during mudslides in Colorado. Another example the star controlled power grid in Texas collapsing under a little cold weather. All these infrastructure fails cause supply disruptions that reduce supply and increase prices. And let’s not forget on the 1 million dead from COVID and millions sick now unable to work driving up the cost of labor. All the while you nut heads rail against immigrants the tried and true way for America to build its labor force not to mention its great entrepreneurial brain power. Tesla, Google, Intel to name a few- All immigrants

      1. FFS, there is an ocean of difference between Elon Musk and an illiterate illegal from Guatemala. Which would not be an immigrant. By the way, the US allows over a million immigrants a year. Far more than Canada. So maybe you should focus on that, plus the totalitarian turn your Prime Minister Zoolander has taken.

        By the way, Texas had more than ‘a little cold weather’.

      2. The average age of deaths from covid is 75. I seriously doubt they made much impact on the work force. If you think the illegal aliens coming across our Southern border are the brain power we need your brain is short circuited. No wonder you voted for Biden.

  21. For a publication that purports to deal in objectivity and reason, you sure laid an egg with this article. "Blame Biden for High Gas Prices," says the headline, so I read it expecting to find out why I should blame Biden for high gas prices. My mistake, I guess...
    You start out with a defensible premise--that Biden can't really blame high gas prices on Putin, because fuel prices have been going up since well before the current situation in Ukraine reached a crisis point. So far, so good. But nothing about it suggests a reason to blame Biden for those prices.
    For more of the same--not explaining why we should blame Biden for high fuel prices--you pivot with wonderful dexterity to inflation overall. For that, you offer the interesting assertion that the "main culprit is the massive infusion of money" over the last few years, and cite federal expenditures including a record outlay in 2019, a truly massive jump from that benchmark in 2020, and a modest increase in 2021. While you do in fact mention Trump here--"on both Biden's and Donald Trump's watch," as you put it--you really don't zero in on the fact that all three of those years are Trump-administration budget years. The 2021 budget was passed in December of 2020. Biden's contribution was the American Rescue Plan Act, passed in March.
    Your assertion that federal spending is the "main culprit" is just that--an assertion, and not remotely supported here. But even if it were 100% gold-plated truth, your references here pin the most massive spending hikes in American history on--drum roll, please--Mr. Trump, not Mr. Biden. It should be remembered too that as soon as Mr. Trump heard that Covid relief payments were popular, he started shouting that we should increase them to $2000 per person.
    Then you pivot back to fuel prices and list a series of steps the Biden administration has taken that probably don't please oil diggers all that much in the long term--but none of which have any impact on current supply or today's prices at the pump. And just for fun, you throw in a New York State fracking ban that's seven years old now, and a California slowdown in anticipation of a future ban--not really Joe Biden's doing in either case.
    But as for why we should blame Biden for price hikes NOW? Not a f**king word, until you get down to this vague mishmash of word salad about his sending a "loud and clear signal that the future will be green," and then another brisk pivot to your opinions on government spending.
    En route to this flat and unconvincing non-conclusion, you leave out some considerations that ought to be Basics 101 for folks who are going to publish articles on economic issues.
    One is Covid, both the reason for a lot of that federal spending AND for the hole our economy is trying to dig itself out of. Every economist and his dog predicted global inflation as we recover from Covid, for a great many very good reasons. You don't mention it.
    Another is that none of this situation is peculiarly American. Both fuel and other prices are up all over the world--in many cases far more than they are here. That has a direct effect on world trade, and a direct effect on prices in the US. Global inflation is not something you can rationally trace to an American President's "signal" that the future will be green, pretty much the only thing you could actually pin on Biden.
    Finally, there's domestic production. American crude oil production through 2021 was right up there with Trump's best months. Ditto for net import figures. No reference to that in your article.
    But still, your headline is "Blame Biden for High Gas Prices." You're about as objective as Fox News is fair and balanced.

    1. You are completely full of shit. Your entire post was a monumental waste of keyboard clicks.

    2. Nope, this dude is badass. Wow. I feel smarter having read it.

      1. You feel smarter after reading Dr. Seuss so we'll take your recommendations with a grain of salt.

    3. Hmmmm.............so it is all pure coincidence we didn't have high gas prices or inflation until after the Biden regime and Democrats took control. We should consider cause and effect. Why do you think the policies and spending didn't cause inflation and gas prices to go up?
      Axios, Jan. 2022:
      The social cost of carbon, a crucial metric that helps shape government regulations on everything from methane emissions regulations to fuel economy standards, is set to be updated by the end of February.

      Why it matters: It's expected to be adjusted upwards — which will have ripple effects throughout the federal government and economy at large, making high-polluting activities more expensive and regulations that crack down on emissions economically justifiable.

      When Biden first took office, he moved to ban new oil and gas leases on federal land (a huge slice of US energy) via executive order.

      Biden also proposed ending a wide range of tax benefits for drilling and exploration

      Overall Biden reversed over 100 policies that were made by Trump to increase production of oil and gas to make the US the largest producer in the world and energy independent. In the process Biden discouraged investing in oil and gas production and the loans available to smaller gas and oil companies to produce oil and gas dried up. Biden and the left's agenda was to completely eliminate the use of gas and oil for energy by 2050. Saying he didn't start in 2021 is delusional.

  22. The President has nothing to do with gas prices.
    Try CORPORATE GREED.

    1. Does that score you social credit points over at Vox and WaPo? I hope so, because here it just gets you a bad at down and contemptuous ridicule. Biden’s executive actions made a huge difference in the future’s market. Of course, that far too complicated for you to understand. All you can do is puke up some progtard pablum like ‘muh corporate greed!’.

      Stupid asshole.

    2. The greed really heated up right when we elected democrats. This is known.

  23. Absolutely, blame Biden because gas is cheaper than every other developed country

    1. They've only nearly doubled since he took office.

      Probably just a coincidence.

  24. The expansive fiscal stimulus that Biden pushed through as soon as he came to office is likely playing a role in the wider inflationary pressure. However, there is no way that it alone could explain the inflation we are experiencing presently. For the simple fact that inflation is higher everywhere. An extra $1.2 trillion is a drop compared to the global money supply and effective demand. So, we must look for other additional explanations.

    With regard to crude oil prices, the answer is pretty easy. Look at investment in exploration over the past 3-4 years. Investment in oil extraction is down. There are some very obvious reasons for this. In the last ten months of Trump's term the price of a barrel of crude oil traded in negative territory. What happens to investment in an industry the product of which is trading at negative prices? It tanks! Why did price trade at negative values in the last ten months of Trump's term? Because travel tanked due to the pandemic and the public health responses to it; so, supply stayed roughly constant but demand tanked. Fundamentals tell us price should tank in response to that. But now, demand has recovered, but supply is slow to respond because the investment to expand easily is not there, save in OPEC countries.

    On top of this, oil majors are not investing as one would expect with such a high price of oil. This is because they have seen this kind of cycle before. They invest tons when price is high, only to see price tank big time and the value of lots of their investments have to be wrote down, i.e. they lose money. Fracking was huge in the later 2000s, only to see price fall to less than $30 a barrel during the recession. Most of the fracking wells don't break even at the price. So, the oil companies that invested then lost money! The oil majors are not as eager to repeat that experience. Hence, they are not investing as quickly as we might want them to.

    The idea that Biden can do anything to change this is to ignore the facts on the ground. Federal land used for drilling accounts for less than 10% of all land in the US being used for drilling. Of the federal leases that are on the books, 14 million acres are not currently being used to drill for oil.

    1. A lot more going on - much of it driven from the left. Sure, there are plenty of federal drilling leases, but not very many that are economically drillable and producible. The majority appear to be out in the Gulf of Mexico, which are extremely expensive to drill.

      Another trend is the decarbonizartion of a lot of the biggest funds in the country, led by, I believe, Blackrock. This includes the biggest mutual funds, as well as a lot of esp union pension funds. They are disinvesting from fossil fuels as fast as they can, for ideological reasons. Sure, it’s probably an antitrust violation, but the Garland DOJ would rather chase White Supremicists right now. They seem to be doing little else these days other than trying to jail Trump supporters. It has in the last year or so become very difficult to finance drilling and production of oil and gas. This is (intentionally) driving up the cost of financing leasing, drilling, producing, and refining oil and gas, making breakeven more problematic on many projects, and thus reducing these activities.

      Of course, Biden also shut down the Keystone pipeline, etc. Why? Because, as the Democrats have long said, they want European gas prices here. But what they ignore is that the population in those European countries with those so high prices tend to be far more densely populated than we have in most of these countries, except for the NE corridor where the rules are made. This country needs cheap gas to be economically successful, while they don’t.

      Don’t forget the bipartisan boondoggle of ethanol mandates. Completely idiotic - it just drives up gasoline and food prices with no benefit to anyone except for grain farmers.

      And don’t forget that inflation, at its root, is too much money chasing too few goods, and the too much money is a result of the Federal Reserve buying too much Treasury debt in order to finance massive deficit spending. Biden’s Stimulus and COVID-19 bills were unfounded, and Pelosi’s and Schumer’s latest budget was a massive pork fest, much of it funded only by Federal Reserve money supply growth.

      1. Let me add that things are going to get worse before they get better in terms of inflation. I mentioned earlier that the Fed buys the Treasury debt that no one else buys, and those purchases result in money supply growth, and ultimately inflation (MV=PQ). But in recent years, the Fed hasn’t been forced to buy all of it. A significant amount of Treasury debt has been purchased by other countries, since the US$ is the world’s reserve currency. What do you think a lot countries are going to do, seeing what we have done to Russia in terms of sanctions? That is likely to result in a lot of countries disinvesting in US Treasury debt. By trying to prevent countries from buying Russian oil and gas with US$, we are forcing them to do it with other currencies. And that will ultimately reduce the demand by the rest of the world for our debt. This will also drive up the interest that the Treasury has to pay to borrow money (at a time when they are selling $Trillions$ more thanks to massive federal spending increases), making our deficit spending worse and worse. Contrary to Pelosi economics, you can’t spend yourself out of debt, and as with a family, when you get behind, the interest you are paying on your debt is what makes paying it off so hard.

        1. Correct. Now for the real banger, up next:RECESSION.

        2. It is Biden and inflation. As per above, prices did not tank because of an oversupply of investment while prices were high. Rather, OPEC was attempting snuff out frack drillers by increasing supply. Don't believe me? See Saudi Aramco in the credits for the movie Gasland. Also, consider that displaced emission vehicle manufacturers such as Tesla et al have a lobbying interest to raise gas prices. Additionally, note that unless you are a wildcatter, it takes about 2 weeks to complete a well.

  25. The democrats are overrun with shrill children.

  26. Republicans and Libertarians just don't understand how Capitalism works.

    Hay little boys... The president doesn't set prices. Capitalist businessmen do.

    They live in KookVille.

    1. Boy, couldn’t have said it better myself. It’s like Right wing Trumpers have morphed into Marxists all the sudden. Trumpsisim is Marxism by the way- so that’s why the red hats.

      1. So, are you Cytotoxic/Chemjeff/Pedo Jeffy?

  27. Democrat (adj) - A voter with an over-whelming ability to project, deny and remain entirely ignorant to their very own government ideology.

    Ya know like passing racist legislation and calling it Anti-Racist. If it wasn't so serious (Poking Gov-Guns at People) it would be downright humorous.

  28. Every president has historically been considered responsible for what happens during their term in office. As of Jan. 2022 the Biden regime and Democrats have officially decoupled Biden from any blame for any bad but will be given full credit if they finally do some good. It is everyone else's fault when bad happens but only Joes accomplishments if something good happens. I think they are just pandering for votes for the coming midterms but lefties are now assuring everyone "it isn't Biden's fault."

  29. I didn't join Reason to see such unreasoned crap as this. Biden is to blame because of steps taken under him and Trump to assist with pandemic recovery, and because of a return to regulations we had before Trump. Uh huh. Not at all convincing, sorry. Oh, right, he and his ilk have put the screws to fossil fuels a little bit more. OK, yeah, I'll go along with that. I'm sick of these oily alliances and oil wars our oil dependency ties us to. Getting off the spigot will take time and it won't be easy but it won't happen at all if we keep insisting on the cheapest of energy conversions. So yeah, he's partly to blame, and I don't mind. But only partly.

    1. What dependency? The USA has more than enough oil thanks to the free-market invention of fracking. But it seems one party in-particularly keeps using Gov-Guns to block that human resource.

      As that party has done time and time again to keep building their Nazi-Regime. It literally is a Civil War of the Nazi-Regime under the blankets taking over of the USA (defined by the U.S. Constitution) from within. The 'feds' have no authority of "Climate" anything.

  30. Great thinking discuss in this post. I Can read carefully.

  31. Democrat policies hurt minorities disproportionately, therefore Democrat policies are racist.

  32. Venezuela has cheap gas. On March 21 of 2022 the price of a US gallon of gasoline was $0.095, yes that correct 9 and a half cents.
    Folks, all the rest is gravy. Libya 12 cents, Iran 19 cents. It jumps to $1.19 in Syria. Curiously, the Venezuelans don't give the Cubans much of a deal as gas sells in Cuba for $4.77.

  33. "In 2019, federal spending came to $4.4 trillion (a record level). It went up to $6.6 trillion in 2020 and then hit $6.8 trillion in 2021, a three-year jump never before seen. That's a surefire way to boost the cost of everything, as more dollars chase basically the same amount of goods."

    Good ole Joe says that he lower the deficit this year by 500 billion. Woot. Raise spending the year before so it looks like a cut!

Please to post comments