News/Commentary

‘He’s proud of that?’ Biden advisor bragging about gas prices falling ‘ten cents per gallon’ baffles

April 2, 2022 | | Print Article

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For those who may have a sneaking suspicion that President Joe Biden and the White House are completely out of touch with the problems of ordinary Americans, the remarks from one of the administration’s top economic advisers on gas prices may be sufficient evidence to confirm such an idea.

With a recent poll showing voter concern over inflation and record pump costs far outweighing Biden’s handling of the overseas war between Ukraine and Russia,  the deeply unpopular president announced that he has authorized the release of one million barrels per day from the nation’s Strategic Petroleum Reserve for the next six months, the third time that the emergency supply has been tapped during his tenure.

The “leader” of the free world delivered the news on Twitter where he once again sought to pass the buck on the rise in gas and food prices on Vladimir Putin despite the fact that they have been steadily creeping upward as a result of his disastrous policies, specifically the crippling of the domestic fossil fuel industry that began with the cancelation of the Keystone XL Pipeline on his first day in office.

“Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” Biden said. “To help deal with that, yesterday I authorized the release of 1 million barrels per day for the next six months from our Strategic Petroleum Reserve.”

At Friday’s White House press briefing, Jen Psaki – who’ll reportedly be moving on to MSNBC this spring – trotted out Jared Bernstein, a member of Biden’s Council of Economic Advisors to field questions on economic developments, one of which was how Americans could be affected from extra million barrels a day in terms of relief from the pain at the pump.

When put on the spot by a reporter about whether the third time will be the charm in terms of achieving the desired impact, Bernstein suggested that suffering Americans may soon experience the massive savings of around “ten cents a gallon” which isn’t much with gas prices nearing $7 per gallon in California and well on their way to $5 in states where gassing up is cheapest.

The reporter asked, “Jared, the President has tapped the Strategic Reserve twice before and it still hasn’t had the desired impact. Why is this time going to be different?”

“So, as I said a moment ago, I think that I would definitely challenge the claim that it hasn’t had the desired impact,” Bernstein responded.

“We saw both in the last release and in this release the price of oil come down quite quickly, the price of oil, as I checked before I came on here, was down about $7 per barrel” he said, “and I know that the last time, check it out, because these data are actually quite accessible, look at what happened to the price, the retail price of gasoline after the last release.

“Now, there, it’s a global market and there’s a lot of moving parts,” he said, “but it is a fact that the price of gasoline fell about 10 cents per gallon shortly after it.”

Bernstein’s remarks conjured memories of the White House’s crowing about how the cost of a July 4th cookout last summer was down a whopping 16 cents from what it was in 2020, a figure that was ridiculed at the time.

Needless to say, Bernstein was dragged on Twitter for the idea that ten cents a gallon is going to make a difference.

 

Other than the administration’s astonishing lack of awareness of the reality outside of the Beltway, the much greater problem is that there is no relief coming in the immediate future with nearly three years left in Biden’s presidency, an eternity in terms of the damage that can be inflicted upon the country.

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Chris Donaldson
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