President Joe Biden waits to speak at an event promoting the benefits of the Inflation Reduction Act at Irvine Valley College in Irvine, Calif., on Oct. 14, 2022. The burdens of the midterms have been heavier for Democrats than they needed to be because of three notable failures, three specific courses that his White House set, writes Ross Douthat.
Since Russia invaded Ukraine in January, U.S. gasoline prices have increased 14 percent, averaging $3.76 per gallon on Monday,That has driven record profits at many large oil companies, with EOil lobbyists in Washington have been trying to talk the administration out of a windfall tax or other punitive measures for months, arguing they have little control over global oil markets.
“Once again, the president is more worried about political posturing before the midterms than he is about advancing energy policies that will actually deliver for the American people," Chet Thompson, president of the American Fuel and Petrochemical Manufacturers, said in a statement."A windfall profit tax might make for good soundbites, but as policy, it’s bad for consumers. It's likely to disincentivize fuel production and make matters worse for drivers.
"We've all experienced higher prices at the grocery store at the gas pump, and the like," Sen. John Cornyn, R-Texas, said in a call with reporters Monday."And now we're seeing the Federal Reserve raise interest rates, so mortgage rates are the highest that been in recent memory."
Biden says he’s done nothing to slow domestic production. Liar!!!