There are those who say rising gas prices at the pump are not President Biden’s fault. Well, OK, if placing blame is important to those people, let them have at it.
The more important reality is that producing more oil than we consume is beneficial to America. It may may or may not drive down prices at the pump, but it would mean that we are in control of our own economic destiny.
Some people argue that greater supply always translates into low prices. There is no theory or experience in economics to confirm this view. On the contrary, when an oil-consuming economy cannot satisfy its own demand, then it becomes subservient to external oil-producing economies and vulnerable to any price shocks they may impose or create.
Put another way, a nation that produces more oil than it consumes is inherently protected from global oil market volatility.
We Americans should want this kind of protection, and it is within our means. Regrettably, as the WSJ piece shows, our president doesn’t want it.