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BIDENOMICS: Shortages of Gas at Highest Prices Since 2014

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In normal markets, when demand drives prices up, suppliers will produce more to meet the demand and take advantage of the higher prices. That’s how the oil market is supposed to work.

But the Biden administration has taken a number of steps to hamper oil investment, by:

  • telling drillers and producers of oil that they will be bound by ever-more-restrictive climate change rules
  • eliminating pipeline approvals
  • and preventing new drilling on federal lands

Those actions have given power back to OPEC, which has no incentive to produce more oil, and even said it won’t yesterday.

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Add on top of Biden’s anti-oil measures the modern-day Salem witch hunt that is the EGO-driven development of ESG funds, and is it any wonder gasoline prices are rising so fast?

Gas prices rose to the highest levels since 2014, amid increased demand and concerns about supply.

According to AAA, the national average for a gallon of regular unleaded gasoline rose two cents to $3.204, the highest level it has been since October 2014, according to USA Today. California’s prices are the highest, at an average of $4.414 per gallon. Mississippi has the lowest prices, averaging $2.829 per gallon.

Gas prices have also risen more than a full dollar since last year, from $2.186 in October 2020.

The highest recorded national average was $4.114, in July of 2008.

The increase in prices at the pump is likely due to the substantial increase in oil prices. Crude oil prices have spiked to more than $80 per barrel, according to Bloomberg.

Action Line: It appears that the Biden administration will be defined by shortages and inflation. Protect yourself from shortages and inflation by preparing both your household and your portfolio ahead of time. If you’re serious about beating inertia and getting ahead of Bidenomics, click here to sign up for my free monthly Survive & Thrive newsletter. I’ll help you defeat inertia and make a positive impact on your life, and the life of your family. But only if you’re serious.

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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 (RIP JB) 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.

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