Is demand for gas actually higher than during the Trump prosperity?
Daily Mail:
'Three-dollar gas will be the norm by Memorial Day': Drivers will pay 30% more at the pump compared to last year in seven-year fuel price high as Americans emerge from COVID-19 lockdowns
- American motorists are now paying an average of $2.88 per gallon at gas pump
- By the end of May, the price of gas is likely to reach $3 for first time since 2014
- Drivers in California, Hawaii, DC, Utah, Oregon, Alaska now paying $3 a gallon
- Surge will likely be fueled by demand in travel as nation emerges from lockdown
- Oil prices on Tuesday dipped sharply as Brent crude, WTI fell by more than 4%
I am not buying that the price rise is caused solely by demand. Before the pandemic, during the Trump boom, I suspect the demand was higher than currently. What has happened since Biden took office is that he has reduced the future supply of fossil fuels by stopping drilling on federally controlled sites. He has also increased the future cost of transporting oil and gas by killing the Keystone XL pipeline and threatening others.
I believe that Biden wants to drive up the price of fuel in the belief that it will lead to reduced demand.
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