Armstrong Economics Blog/Politics Re-Posted May 24, 2022 by Martin Armstrong
Back in 2007, Nancy Pelosi was quick to blame the Bush Administration for rising gas prices. In 2018, Pelosi tweeted, “The price of regular unleaded gas has climbed 20% over the last year (thanks to Republican policies), eating away at working families’ paychecks – but according to @GOPLeader, you’re #BetterOffNow.” The national average for gas was under $3 at the time.
Now that gas prices have reached all-time highs, Pelosi and the Democrats no longer believe that the White House is responsible. “Gas prices will roughly cancel out the 2018 consumption boost from the tax cuts,” Schumer said at an Exxon gas station on Capitol Hill. “That’s right, whatever meager benefit working families may have seen from Trump’s tax scam for the rich has been wiped out by the gas prices that President Trump is responsible for.”
No one ever blamed Obama for rising energy prices after he did everything to end domestic production. Biden canceled the Keystone XL project as soon as he took office and reversed all the Trump-era policies to make America energy independent. However, the other side refuses to blame Biden or their current policies as gas continues to rise. Instead, they are blaming the president of a different country and have made no meaningful progress in curbing energy inflation. If they cannot admit the cause of the problem, they cannot concoct a viable solution.