Why doesn't the WSJ give credit to the Biden administration for the rapid increase in oil prices?
On the front page of Monday's paper edition of the Wall Street Journal is an article titled: "Oil Rises as Supply Tightens and Demand picks up."
I read the article (retitled in the online edition), and somehow, I didn't find any mention of Biden's executive orders blocking pipelines and oil leases as a substantial reason why prices have taken off. His and the Democrats' policies of doing everything they can to block supply is what is contributing greatly to the increase. They are very helpful to Russia, Iran, and other producers who truly appreciate the rising prices and are very happy to have reduced competition.
In 2008, a substantial contribution to the deep recession was when oil prices skyrocketed due to mass speculation. The price spike greatly reduced discretionary spending and greatly harmed the poor, the middle class, and small companies, though they harmed everyone. They got to $130 per barrel and around $4 per gallon. An "expert" at Goldman Sachs predicted they would hit $200 per barrel.
President Bush was an oil man, and he recognized the problem, so he greatly increased drilling, and when the speculators saw that the additional supply would come, the prices collapsed to under $40 per barrel and under $2 per gallon by the time Obama took office.
The drop in oil prices along with the TARP loans and the Federal Reserve dropping rates and flooding the market with liquidity is what caused the end of the recession 130 days after Obama took office. It is a shame that we continue to hear that Biden and Obama policies, including the stimulus plan, caused the economy to come out of recession when the policies that caused the end of the recession were in place before they took office.
The Obama/Biden policies gave us the slowest economic recovery in seventy years, and Biden's policies of destroying the oil and gas industry and raising minimum wages too high will kill it again.
The concept is easy. If we cut our oil and gas supply or send the message that we will cut the supply and destroy the U.S. oil industry, prices will increase rapidly, and the poor, the middle class, and small businesses will be greatly harmed. The same people who are being destroyed by the lockdowns and the people Democrats only pretend to care about as they pander for votes.
It is pathetic that the WSJ news pages don't cite Biden's policies for the spike in prices. Reading the news pages of the WSJ is just like reading the NYT, WaPo, USA Today, or AP or watching almost all the networks. It used to be much more balanced.