AP: Heating costs to soar as Biden begs fossil-fuel companies for rescue
Ed Morrissey Oct 14, 2021 8:41 AM ET
The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter.
Energy costs are rising worldwide, in some cases leading to shortages in major economies like China and India. In the United States, the average retail cost of a gallon of gas is at a seven-year high, and winter fuel costs are expected to surge, according to the U.S. Energy Department. Oil-and-gas production remains below the nation’s peak reached in 2019.
Go figure that cutting off access to exploration and extraction, as well as promising to put an end to fossil fuels entirely, created cost hikes. In fact, as the Energy Information Agency reported yesterday, gasoline prices shot up a whopping 42% year-on-year in September, which has contributed to the sharp overall spike in inflation this year. The increase in fuel prices have created a stagflation trap for Biden, as Barclay’s warned on the data yesterday, that threatens to hammer the working classes much more than the wealthy as buying power erodes.
https://hotair.com/ed-morrissey/2021/10/14/ap-heating-costs-to-soar-as-biden-begs-fossil-fuel-companies-for-rescue-n422298
