UPDATED 7:20 AM PT – Monday, September 12, 2022
Mainstream media claims the recent retreat in gas prices may be helping Democrats in midterm elections. The national average gas price fell to $3.74 last week from more than $5 per gallon in the beginning of the Summer.
As a result, Democrats are trying to tout this retreat as President Joe Biden’s achievement on the campaign trail. However, US gas prices are still up 60 cents per gallon from a year ago, while the US National Petroleum Reserve has fallen to its lowest level since 1985. Additionally, economists have warned energy prices could surge again this Winter.
“There is ripple effects and as the European industry shuts down, a good part of their industry will shut down this winter,” said Christopher Wright, CEO of Liberty Energy. “That’s inflationary effects across the industry. As Russia plays politics with cutting back oil exports we can see oil prices double from where they are today.”
The world is in the worst energy crisis in 50 years due to natural gas shortages, and yet President Biden has reduced the amount of federal land available for oil and gas production by an astonishing 98% since Obama and 97% since Trump. No president has leased less since WWII. pic.twitter.com/PWvaWTHE0o
— Michael Shellenberger (@ShellenbergerMD) September 6, 2022
The Biden administration plans to impose a “price cap” on Russian oil in December and Moscow said it will stop selling oil to countries that join that price cap. As a result, global oil prices could skyrocket due to a looming lack of supply.