From WWW.THEBLAZE.COM
The Philadelphia Inquirer editorial board is telling people not to attribute soaring gas prices to President Joe Biden.
In a piece titled “Don’t blame Biden for higher gas prices,” the editorial board pointed to Russia’s invasion of Ukraine, as well as supply and demand factors related to the COVID-19 downturn as reasons for the high cost of fuel.
“Current pump prices are due largely to the basic economics of supply and demand. Much of the global economy shut down during the pandemic, and oil prices plummeted as demand evaporated virtually overnight,” the piece states. “As demand dried up, oil companies cut back on production and exploration. When the economy bounced back, demand for oil increased but production has not been able to keep pace. With demand far outstripping supply, prices have skyrocketed.”
The piece said that Biden’s Build Back Better spending proposal contained “tax credits for wind and solar power” and “an extension of Biden’s child tax credit, which provided $300 i… (Read more)
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