As gas prices soar to the highest seasonal level in a decade, the domino effect on inflation risks Joe Biden’s chance of re-election.
soar to the highest seasonal level in a decade, the domino effect on inflation risks Joe Biden’s chance of re-election.
“That’s why he has taken steps to shore up global supply, even if that means coming into the strategic reserve,” Kirby said. Hey, presto, the oil price goes down and soon enough, so does inflation, right in time for the president to declare that Bidenomics is a huge success and coast to victory.
It’s worth remembering that Donald Trump proposed spending $3 billion refilling the strategic reserve in March 2020, when oil prices were at just $24 a barrel. On Sunday, the national average price for regular gasoline was $3.83, and 3.88 in New York, according to the American Automobile Association.They also raise inflation indirectly because crude oil is a key ingredient in plastic, and transportation costs factor into the cost of everything.