One of the first things President Biden did after taking office was cancel construction on the XL Keystone Pipeline. Since then, he has continually crapped on the oil and gas industry, suspending oil and gas leasing on federal lands. He also supports additions provisions to the $3.5 trillion “infrastructure” bill that would slap more fees on oil and gas companies while blocking drilling in most of the nation’s offshore waters.
Not surprisingly, the price of gas has risen since the Delaware Democrat took office.
However, the acting president can’t see there’s a correlation between the limited supply of a product and the cost of the product rising. Rather, he wants to launch a probe into why gas prices are going up. In a befuddled statement to journalists, he noted that his administration intends to go after “the bad actors and pandemic profiteers” that are ostensibly behind the high cost of fuel.
It’s not hard to see why Biden is concerned about the cost of gas. Fuel prices have risen by a whopping 50% since the beginning of the year, and the administration cannot blame former President Trump for the problem like they regularly do. Thus, it seeks to blame “bad actors” because the cost per barrel of oil has fallen while the cost of purchasing fuel at the pump hasn’t.
Once again, the administration is failing to grasp the basic laws of economics. Paying people to stay home for an indefinite period of time has resulted in a huge worker shortage, and tanker companies have been hit particularly hard.
By one estimate, tanker companies have seen an almost 42% reduction in qualified drivers over the last couple of years. These companies are now having to raise pay for drivers in the hopes of finding qualified individuals. Even so, there is still a driver shortage.
Naturally, the inability to move fuel to the pump in an efficient manner would cause the price of gas to rise. This is how the business world has operated for millennia. Strangely, no-one in President Biden’s cabinet seems to understand or want to understand how the economy works.
It’s hard to blame the administration’s colossal failure on this front to one factor alone. One the one hand, it’s obvious to everyone watching that the president is just not with it. He stumbles through simple sentences, and falls into the wind while walking up the stairs. On the other hand, his cabinet is packed with people with bad intentions. They don’t want America to be energy independent. They imagine a global future where America is just one out of many — not the shining beacon for everyone else to see.
No one in America will learn anything useful from a Biden’s probe on the cost of gas. We’ve seen this story play out multiple times — we know how the economy works.