On the front page of Monday’s paper edition of the Wall Street Journal is an article titled: “Oil Rises as Supply Tightens and Demand picks up.”
I read the article (retitled in the online edition), and somehow, I didn’t find any mention of Biden’s executive orders blocking pipelines and oil leases as a substantial reason why prices have taken off. His and the Democrats’ policies of doing everything they can to block supply is what is contributing greatly to the increase. They are very helpful to Russia, Iran, and other producers who truly appreciate the rising prices and are very happy to have reduced competition.
In 2008, a substantial contribution to the deep recession was when oil prices skyrocketed due to mass speculation. The price spike greatly reduced discretionary spending and greatly harmed the poor, the middle class, and small companies, though they harmed everyone. They got to $130 per barrel and around $4 per gallon. An “expert” at Goldman Sachs predicted they would hit $200 per barrel.
Read the full story from American Thinker
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