He couldn’t have prevented the years of low oil prices and cheap gas that gutted oil company profits. (For example, Exxon’s profit dropped from $32.5 billion in 2014 to $7.8 billion in 2018, and the company lost $22.4 billion in 2020.)
That was engineered by Saudi Arabia to kill off the American shale industry, a major new competitor. As a result, oil companies had to cut spending somewhere. They slashed investment in production, idled rigs, and laid off oil workers, because there was nowhere else to cut. It was that or bankruptcy. (Many small producers did go bankrupt.)
Biden couldn’t have done anything about that, even if he’d been president then, which he wasn’t. Nobody could have. The guys who were president from 2014 to 2020, Obama and Trump, couldn’t and didn’t do anything about it.
But there are two big things Biden could have done, but didn’t, to prevent today’s high gas prices.
First, he could have done nothing to end the pandemic. This would have kept people at home. Instead, they’re driving cars again, which pushed up demand for gas past the supply, causing a rapid and sharp rise in gas prices. This would’ve prevented the excess demand problem.
Second, he could have done nothing about Russia’s invasion of Ukraine. Instead, his sanctions took 3 million barrels a day of Russian oil off the global market. This would’ve lessened the supply shortfall.
In short, Biden could’ve been a Republican.
Whoops. Isn’t that unfair? I don’t think so. Every Republican of importance fought against ending the pandemic. They fought for “freedom” (their word choice) to infect others, and get sick and die. If we were still stuck in our homes, or dead, gas demand would be less and pump prices lower.
And while Trump may be the only important Republican who has business debts to Russia he can’t pay, he’s not the only one corrupt enough to trade policy for personal benefit (see, e.g., Paul Manafort), and the party as a whole has a strong streak of isolationism running through it. And then you have Tucker Carlson of Fox, Reps. Marjorie Taylor Greene and Matt Gaetz, among others, who are all pro-Russia.
Buying Russia’s oil, or at least not sanctioning it, would have increased supply, contributing to lower pump prices. It also would have financed Putin’s military, enabling him to invade Eastern Europe after knocking off Ukraine.
Remember what happened the last time we had to fight a world war in Europe, because dithering Western politicians didn’t stop a ruthless dictator’s aggression at the point where it was easiest? Gas rationing. Wars soak up a lot of oil and gas, and military needs take priority over civilian wants.
Nobody likes $6.499 gas. But I believe Biden did what he had to: End the pandemic, and stop Putin in Ukraine. Now try to convince me I’m wrong.