Inflation is shredding household budgets, and Joe Biden constantly fumbles bringing relief to American families. The Consumer Price Index just came in at a hot 7.5% year over year rate.
Instead of blaming private businesses for the cause of inflation, Biden should have a laser focus on energy prices. Oil has hit $95 per barrel this week for the first time since 2014. We can thank the foolishness of the White House, which abandoned America’s newfound energy independence, for this spike.
We love higher oil prices in Oklahoma, but we don’t need $100 barrels for drillers to be successful, and Americans definitely don’t need resulting gasoline prices at well over $3 per gallon.
If Biden was really concerned about inflation, he’d lift drilling restrictions in Alaska and on federal lands; green light vitally needed pipelines; and stop extreme environmental protests that choke production.
Oil prices are up 24% already in 2022 after increasing 62% in 2021. These actions would easily lead to greater production and lower prices over the next year, neutralizing one of the current inflation forces. Nevertheless, Biden is infatuated with climate change, and he is beholden to the liberal left who want to destroy fossil fuel production.
To top it all off, instead of fighting for the American people, Biden went hat in hand and called King Salman, the Saudi Arabian head of OPEC, last week to discuss, “ensuring the stability of global energy supplies.” Having given away all our leverage, Biden must have winced when Salman publicly highlighted the historic OPEC+ agreement with Russia. No production increases therefore mean no relief for Americans at the pump.