On gas prices, Biden is in Fantasyland

Speaking to the American people from his office deep in the bowels of Fantasyland, President Joe Biden (typical government-enriched millionaire Democrat) gurgled his solution to the over 48% — and counting — zooming increase in the price of gas since Biden became president.

I'm calling on Congress to suspend the federal gas tax for the next 90 days, through the busy summer season — busy travel season[.] ... 

By suspending the 18-cent gas tax — federal gas tax for the next 90 days, we can bring down the price of gas and give families just a little bit of relief.

A very, very, very "little bit of relief," incidentally.  When it was first discussed a few months ago, a study at the Wharton School at the University of Pennsylvania estimated that "[a] federal gas holiday from March to December would lower average per capita gasoline spending by $47."

Ok, $47 is $47, even in these Bidenflationary times, but this minuscule temporary so-called reduction screams publicity stunt rather than real solution. 

And then, after the three months are up, will the federal gas tax be restored?  Even increased to make up for lost revenue, thereby accelerating Bidenflation?

Biden also asked governors and other local government officials to also declare a temporary gas holiday, but again, the solution is worse than the problem.

Biden continued to fantasize, "I'm calling on the industry to refine more oil into gasoline and to bring down gas prices." Uh, as Kevin Book of Clearview Energy pointed out in an interview on CNBC, refineries are running at over 95% capacity, so they can't "refine more."  Oh.

Biden continued his fantasy, blaming the higher and ever higher gas prices on Putin's invasion of Ukraine and wandering off into some fantasy future of electric vehicles seemingly powered by his hot air.  Or something.

More unrealistic gurgling.  "Plus, I've added to that supply of oil by releasing a record 1 million barrels of oil per day from what's called the Strategic Petro — Petroleum Reserve."

Uh, that's a drop in the gas pumps, not to mention that "The US Is Depleting Its Strategic Petroleum Reserve Faster Than It Looks."  Oh.

Biden's omissions were equally striking, especially his refusal to consider reopening the Keystone Pipeline.

So here is my prediction: real prices, gas included, will continue to rise.

And sadly, that is no fantasy.

Image: Gage Skidmore via Flickr, CC BY-SA 2.0.

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