Biden Did It
Biden takes credit for "zero" inflation and lower gas prices. Only partisan idiots believe that is true.
Let's give credit where credit is due.
Biden IS responsible for the fall in gas prices but since the Democrats can't do economics, let me clarify it for them.
There are two basic ways to prices change for any commodity:
An increase or decrease in supply compared to a given demand or,
An increase or decrease in demand compared to a given supply.
The totally illogical pandemic lockdowns immediately decreased demand for gasoline far faster than the supply could compensate, so prices fell. When we came out of that idiocy, demand moved to return to pre-pandemic levels but by then, Biden's chokehold on oil production and negative rhetoric toward fossil fuel producers caused the increase in supply to slow, so prices began to rise to historic levels as we reached near OPEC embargo levels of stock.
The prices are now headed back down, but not because supply has begun to equalize with increased demand, rather it is because demand is going back DOWN due to high prices across the board that have risen faster than incomes could match (another lesson in supply and demand). Inflation is chocking of demand, so prices are adjusting again.
Last week the Energy Information Administration (EIA) showed that gas demand dropped from 9.25 million barrels per day to 8.54 million per day.
According to AAA, that’s 1.24 million barrels per day lower than last year and "in line with demand at the end of July 2020," when there were widespread virus-related restrictions and fewer people were hitting the road.
So yes, Biden deserves credit for lowering gas prices...and the blame for why they are decreasing. When you look underneath the spin, it isn't a good story.
It's no different than Biden’s "inflation was zero last month", another lie told to burnish a turd of a presidency. Inflation wasn't "zero", the inflation rate was basically unchanged, the same as for June at 8.5%. What Biden meant was that the RATE was essentially unchanged, so their wasn't an increase in the overall rate - but in real terms, prices continue to go up.
The government's manipulated numbers do not show the impact on your funds, if we look at the numbers based on the standard before the changes back in the late 90's, the "real" rate is about double what the government publishes.
An empire of lies built to allow elected officials to claim anything and to do anything, regardless of the outcome. It is just another example - actually it is the same example - of why national economies can never be centrally planned and why the laws of economics cannot be broken.
Ever.
But sure, Biden did it. He did. He deserves every bit of the credit.
It is his version of a mostly peaceful presidency with the nation in flames in the background.
And if a new Congress doesn't stop him from doing it, we are pretty much screwed.