President Joe Biden’s inability to bring inflation under control is probably the biggest failure of his administration so far. Now it looks like he doesn’t even understand why it’s happening. This week, the baffled president decided that high fuel prices are all down to your local gas station.
At a September 26 White House meeting, Biden complained about rampant inflation and demanded that gas stations, cell phone companies, and banks bring prices down. He complained that Americans are being hit with “hidden fees” for overdrafts or ending phone contracts. Then he focused on gas stations, saying that the price of oil has come down, so the price at the pump should, too. Biden doesn’t seem to be aware that gas stations don’t set the wholesale price of gas, and they can’t reduce the price they sell it for below what they pay for it if they want to stay in business.
In reality, there are many reasons for inflation — and while some are global, like the shortage of computer chips — a lot of them can be traced back to Biden’s own policies. This administration’s green agenda has hammered oil and gas production, pushing up wholesale prices. Biden has plundered our strategic fuel reserves and sold millions of barrels to other countries, including China. If he really wants to cut inflation, it isn’t businesses he should be targeting; it’s his own failed administration policies.