Lots of rhetoric blaming Biden for inflation. It’s curious how the entire planet is dealing with inflation right now but that it’s somehow Biden’s fault.
A few thoughts:
No, gas prices are not a result of Biden limiting new drilling. The oil industries have 1000+ drilling permits they’re not using. He’s just doing a moratorium on new drilling permits on federal lands. It doesn’t affect price or production. The fact of the matter is the price per barrel is nowhere near it’s highest mark. The oil companies are just cashing in. Now to be fair they may have had some issues scaling back up to meet the higher demand levels as during COVID folks weren’t driving as much.
Yes, all countries are dealing with inflation. Some are far worse off. France is trying to subsidize its way out of inflation and it’s still pretty high. They rationalize the program by saying keeping inflation down keeps the cost of other government services down so even though they’re heavily subsidizing things it results in overall lower spending than they’d have otherwise.
And let’s put things in perspective. Over the last 50 years or so, adjusted for inflation (value of the dollar) housing is up 300%, tuition is up 500%, and yes gas prices are up 33-50%. So everything costs more these days. But gas prices are nowhere as high as some of the other fundamentals. Hey, a TV cost less and is way better!