It’s no secret that gasoline prices have increased some 50% since last year. The higher prices have rippled through the U.S. economy, raising shipping and delivery costs for almost everything.
After first denying gasoline prices were rising, then blaming the Organization of the Petroleum Exporting Countries (OPEC), and most recently accusing oil companies of conspiring to raise gasoline prices, the administration has settled on a two-pronged response: announcing the release of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) and blaming people for not buying electric vehicles (EVs).
Jonathan A. Lesser, PhD, is the president of Continental Economics, an economic consulting firm, and an adjunct fellow with the Manhattan Institute.
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