Gas Prices Reach Record Highs, While Biden Regime Flounders on Energy Policy

On May 10, President Joe Biden gave a speech on how his administration would fight inflation. 

Filled with empty platitudes, Biden’s speech had very little in terms of substantive reforms that would tame inflation. 

This comes at a time when gas prices are reaching all-time record highs. According to the Daily Caller, the average price that Americans face at the pump is now $4.37 per gallon  while the average price of diesel fuel reached a record $5.56 per gallon.

Back in February, Biden declared that he would “work like the devil” to reduce gas prices. After releasing emergency oil supplies, Biden vowed that gas prices would tumble by $.10 to $.35 per gallon. In November, Biden ordered the release of 50 million barrels from the Strategic Petroleum Reserve. Subsequently, a 30-million-barrel release was made on March 1 and a 180-million-barrel release was carried out on March 31. These moves were all made to allegedly combat higher gas prices.

Russia’s invasion of Ukraine has caused major economic shocks across many markets, notably in the oil and gas sectors.

Democrats have played the usual blame game by ignoring the very policies they’ve implemented — the Biden administration’s decision to shut down the Keystone XL pipeline — and are now using foreign scapegoats such as Russia to explain the current high gas prices. 

This simply doesn’t pass a smell test. For example, the US’s total oil production has plummeted for three straight months. This is not a coincidence. It’s the product of the Biden regime’s anti-oil and gas policies. 

Plus it doesn’t help that the Federal Reserve is pursuing loose monetary policies either. 

Loose monetary policy, big spending, and crushing regulations on the oil sector are a triple whammy of interventionism that will shackle the American economy. 

The Biden regime will have to come to grips with the fact that its policies, not foreign policy boogieman, are responsible for America’s economic woes. 

Will Biden and co. come to their senses?

Doubtful.