After four years of stable gas prices under President Donald J. Trump, Americans may have to get used to some pain at the pump.
Former Vice President Joe Biden hasn’t even been in the White House for a month and gas prices are already up a whopping 18 percent with at least one analyst predicting that they could hit $4 per gallon in the near future.
Biden’s ideologically-driven decision to cancel the Keystone XL pipeline and the expectation that his Green New Deal policies will place onerous regulatory burdens on domestic energy producers in the fossil fuel industry is already hitting Americans in their pocketbooks. Sadly, the worst may be yet to come.
The price spike comes while Democrats continue to hold the nation hostage by dragging out negotiations on the long-awaited coronavirus relief package until they are able to stuff it full of rewards to special interest groups as well as other far-left agenda items including a $15 an hour minimum wage.
Gas up 18% since election, could surpass $4 under Biden.
"Biden has substantial political risk heading in the 2022 midterms…we may well see gasoline prices above $4 a gallon," Steven Kopits, the managing director of Princeton Energy Advisors.https://t.co/eSJtYIMWDB
— Paul Bedard (@SecretsBedard) February 11, 2021
Via The Washington Examiner, “Gas up 18% since election, could surpass $4 under Biden”:
By the time America gets back to work, and traffic jams, gas prices under the Biden administration could be heading back to $4 thanks to new climate regulations, the president’s shutdown of energy mining on federal lands, and overseas production cuts.
Industry experts believe that as the coronavirus vaccine becomes widely available, offices will start to fill up, as will gas stations.
But the supply may not be there because of production cutbacks, Biden’s new rules, and moves overseas to slow production to match low usage.
The result could be an “oil price trap” for the new president, according to Steven Kopits, the managing director of Princeton Energy Advisors.
He told Secrets, “Biden has substantial political risk heading in the 2022 midterms. He would do well to articulate a more balanced energy package because we may well see gasoline prices above $4 a gallon, and Republicans will not hesitate to finger the moratorium on leasing as the cause.”
Since Election Day, gas and crude oil prices have jumped. In the United States, gas prices are up 18% and oil nearly 50%.
With the Biden administrations determination to shut down the domestic fossil fuels industry, the U.S. may once again be dependent on Middle East energy sources until the utopian dream of a nation of electric cars and solar windmills is realized.
Biden has made the appeasement of the climate change cult one of his top priorities and has already put the entire federal government on course to replace its existing fleet with electric vehicles.
Biden deceptively presented himself as a moderate who denied that he would declare a government-backed war on oil during the campaign and as a result, he was able to sucker millions of working-class Americans into voting for him because of ‘orange man bad’
Americans had better prepare to experience economic pain that will make the dismal Obama years look like the days of plenty.