President Biden first told us that there would not be any significant inflation as we came out of the Covid Pandemic shutdown. We were told that his big spending – and all those $1400 checks he sent to virtually everyone would not have an inflationary impact. But … we got inflation. And even the Boston Marathon bomber got his $1400 check.
Biden then said – without regard to his original statements – that of course there would be a bit of inflation as the economy improved. It would not be too bad, he said. But … we got record inflation.
Biden assured us that it would not last very long. Should be ebbing any day now. But … it not only continued to worsen, there is no end in sight.
Biden said that even if we stopped purchasing oil from Russia, It would not have a major impact on prices since we do not purchase a lot from Putin. But … now that he has had to stop purchasing oil from Russia, he claims that is the reason for the soaring inflation. Now Biden blames it all on Russian despot Vladimir Putin and his dirty little war in Ukraine.
In cutting off Russian oil, America did not reduce its foreign purchases. The country still needs foreign oil to produce gasoline – and that is because as soon as Biden took office, he undertook a number of policy changes that reduced the level of domestic production.
He shut down construction of the Keystone pipeline … banned drilling on public lands … limited licenses for drilling … and set in place policies to punish financial institutions that loan money to oil companies for exploration and drilling. That is why we shifted from an oil-exporting nation in 2020 to an importing nation under Biden.
In his zeal to FORCE people into electric automobiles before the market was ready, Biden was more than happy to see those pump prices rise. In fact, pushing up the cost at the pump was an overt and stated strategy of the proponents of the green agenda.
Of course, oil prices impact on EVERYTHING. Any increase in the price of gas at the service station is going to be reflected on everything we purchase – inflating prices across the board.
Unfortunately, the impact on oil prices due to Putin’s invasion of Ukraine came at the worst possible time for inflation. It came when inflation was already soaring – the Biden inflation.
The chart at the top of this commentary tells all one needs to know. It shows the epidemiology of the current economic disease of inflation – where it started and what (who) caused it. In terms of the medical analogy, the White House was the Wuhan Lab of inflation.
At the time of the Biden Inauguration, the average national gas price was $2.09 per gallon. Prior to the Russian invasion of Ukraine – but after Biden’s anti-oil policies — it had already risen to $3.54 per gallon – a 60 percent increase. As of this writing, the national average is $4.25 – and that is partly due to Putin’s war and partly the continuing impact of the Biden inflation.
There are two men who are uniquely responsible for the high price of gasoline in America today – and the consequential soaring inflation. They are Biden and Putin … period.
So, there ‘tis.