Gas prices in America are now a consistent cause of concern. With these expenses rising, people are left wondering how they’re going to be able to fill their gas tanks and still have funds left over for other living costs.
Republicans have laid out a simple series of steps that would reduce gas costs and alleviate the stress that many Americans are going through.
These steps involve unleashing US domestic energy production, restoring permits for Keystone XL pipeline, and revoking bans against oil drilling and oil/gas leases.
The Biden administration is not going to put these measures into effect. In fact, the White House just finished shutting down lease sales that were set to go through in both Alaska and the Gulf of Mexico.
Instead of taking balanced and effective measures to bring down gas prices, the Biden administration is coming up with one excuse after the next concerning these costs. Economists have since debunked the top talking points of the White House.
The Truth About Current Gas Prices in America
If you let the Biden administration tell it, Russian President Vladimir Putin is the hidden mastermind behind US gas prices that are soaring through the rooftops.
Meanwhile, economic officials with the Hoover Institution, American Institute for Economic Research, the Institute for Energy Research, and other similar bodies tell a very different story.
The left-wing “Putin price hike” is riddled with inaccuracies. For starters, inflation is a factor in today’s US gas prices. Inflation’s been an issue in America for over a year at this point; Putin, however, didn’t hit Ukraine until late February 2022. The timeline just doesn’t add up.
Secondly, by closing pipelines, blocking oil drilling, and obstructing oil and gas lease sales, the president has reduced the amount of energy being created in America. At the same time, the demand for gas isn’t falling whatsoever.
When supply drops, demand increases and prices go up. This is a basic economic principle that the White House will not publicly acknowledge.
Had Biden not made these moves against the energy sector, more gas and oil would exist in America today. Companies wouldn’t be seeing their acquisition costs rise; therefore, Americans wouldn’t be spending an arm and a leg at the gas pumps.
The Driving Factor Behind These Policies
Economists have drawn attention to the Biden administration’s eagerness to be in opposition to former President Trump at every turn.
Unfortunately, in this, the administration succeeded; although the results are not good. Americans were much better off when gas stood at an average cost of $2.41 per gallon, rather than over $4.00 nationally and over $6.00 in California.
As long as the White House keeps its current policies in effect, gas prices will continue rising along with inflation.