Your Survival Guy

Preparing your investments and family for when disaster strikes.

Disclosure

Biden’s Gas Gimmicks Can’t Undo His Economic Damage

By

By Rena Schild @ Shutterstock.com

Joe Biden flew to Iowa recently to tout his plan to sell more ethanol to lower gasoline prices. Unfortunately for America, a scant percentage of the nation’s gas stations and vehicles can sell or use mixes of gasoline/ethanol with portions of ethanol higher than 10%. And don’t get me started about the destruction ethanol does to marine engines—a boater’s nightmare. Tim Smart reports at U.S. News & World Report:

On Tuesday, President Joe Biden traveled to Iowa to tout his administration’s latest effort to lower the cost of gasoline: lifting a ban on the use of 15% ethanol in fuels during the summer.

It is a modest step that experts say will shed a few pennies off the cost of gasoline, as ethanol is cheaper than gas.

But the move was as much politics as it was economics. Earlier in the day, the government reported that inflation had risen at an annual rate of 8.5% in March, higher than expected and at a level last seen in 1981. The White House on Monday warned the number would be “extraordinarily elevated” in an effort to get in front of the damaging news.

At the Iowa stop, Biden also pointed to his decision to unlock 1 million barrels of oil a day from the nation’s Strategic Petroleum Reserve as evidence he is tackling the issue of high gas prices.

“I’m doing everything within my power, by executive orders, to bring down the prices and address the Putin price hike,” Biden said, referring to the invasion of Ukraine by Russian President Vladimir Putin in late February.

But no amount of sloganeering or actions that may cut the price by a small amount will undo the economic – and political damage – that inflation is doing to the country and the fortunes of Democrats as they approach the critical November midterm elections.

“When a working mom, like mine growing up, is forced to make the impossible choice of putting another gallon in the tank or buying what she needs to feed her family, she wants leadership, not finger pointing,” Sen. Rick Scott, who heads the Republican’s reelection effort in the Senate, said in a statement Wednesday.

“I hear it every week from families in my state,” the junior senator from Florida said. “Floridians are SICK AND TIRED of watching Blame-Game-Biden duck responsibility for the crisis he has created.”

“This week’s CPI and PPI reports prove that Biden’s reckless tax-and-spend agenda has been a disastrous failure,” Scott added, referencing the March consumer price and producer price index reports. “The president can cast blame all he wants, but he can’t hide from the truth and Florida families don’t believe his lies.”

Polls confirm the toll inflation is taking on Biden and his party, even as the price of oil has fallen and average gas prices are down 25 cents from mid-March. Experts attribute that to global increases in production as well as the announcement of releases from U.S. reserves and those of other countries, along with market adjustments to the ongoing war in Ukraine.

Action Line: Americans are furious at Biden and the economic destruction wrought by his administration. You can see their anger in my monthly RAGE Gauge.

The following two tabs change content below.
My Twitter profileMy Facebook profileMy Instagram profile

E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.