Jack Hellner "On Election Day, the spot crude oil price was around $40 per barrel, and today it is around $100 per barrel — this is a 150% increase. On the same day, the retail gasoline price was $2.10 per gallon, and today, it is around $4.60 per gallon (up around 120%). If gas prices correlated with inflation, it would actually be 60 cents higher per gallon, not lower.
"Biden whispers to gas station owners, "Just lower your price to reflect your cost" — as if they don't consistently conduct business operations without the advice of Sleepy Joe. It seems that people throughout the Biden administration believe that crude oil magically and immediately moves from the spot market to our cars.
"Throughout Trump's years, and despite a high demand, energy prices were affordable. On the other hand, Biden campaigned on a promise that he would destroy the fossil fuel industry. As soon as he took control, he blocked a pipeline and took major steps toward preventing drilling. Regulatory federal agencies started — and continue to do so — ramping up compulsory regulations against refineries. Financial administrators and the SEC also organized to damage businesses that lent to or invested in the fossil fuel industry.
"Should we be surprised? According to the Committee to Unleash Prosperity:
First and foremost, 62 percent of Biden's top political appointees and staffers 'who deal with economic policy, regulation, commerce, energy and finance have virtually no business experience.'
What's more, only one out of eight Biden officials has what the authors deem 'extensive business experience,' and the average level of business experience across the Biden administration is about 2.4 years
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