Biden’s approach has been an economic disaster.
According to the Wall Street Journal, the price of crude oil has jumped by 64% to a seven-year high. The cost of natural gas has doubled in just six months. Heating oil is more expensive by 68%, just in time for winter. And gasoline is over $3 per gallon on the national average, up by almost a dollar over the past year.
Energy costs are one driver of inflation, which is already a concern and could get worse.
The situation he created has led Biden into embarrassing situations where he has been forced to plead for rescue.
Over the summer, his administration begged OPEC to increase oil production to combat rising gasoline prices. They refused.
This month, Reuters reported that the Biden White House has approached domestic oil and gas producers, asking for help. These are the very companies that Biden has been demonizing and now he wants them to save him from himself.
Related (for our VIPs): Joe Biden, Milton Friedman, and the Tyranny of Tiny Minds.
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