(Ezekiel Loseke, Headline USA) The Biden administration’s shortsighted plan to reimburse Americans for surging gas prices is untenable because of the failing supply chain.
As every normal American knows, gas prices have climbed to a record-breaking high—roughly double what they were when President Joe Biden assumed office in January 2020.
In response, the Biden administration began floating the idea in March of mailing out gas cards that would help offset the prohibitive costs, Axios reported.
The proposal faced criticism as being likely to worsen the current situation since it would incentivize spending in an already inflationary economy for a commodity that already is in short supply due to Biden’s hostile regulatory policies against energy production.
Nonetheless, as prices climed even higher last week, Biden again pushed the possibility of spending his way out of the gas fiasco, according to Fox News.
Fortunately, another of Biden’s economic policy failures may save the Democrat leader from his own folly: the concurrent microchip shortage.
“Aides had found that shortages in the U.S. chip industry would make it hard to produce enough rebate cards,” wrote the Washington Post, citing two anonymous sources.
The same microchip shortage has caused the sudden rise in the cost of automobiles which has only compounded the skyrocketing rate of inflation.
The failure to produce gas rebate cards is only the latest failure of the administration related to the surging gas prices, despite being “very serious” about “bringing down gas prices.”
In March, the Biden administration produced what even CNN called “an unprecedented” release of the Strategic Petroleum Reserves to attempt to curb gas prices. But tapping into the country’s emergency wartime supply made nary a ripple in the rising trajectory.
Biden also attempted to deliver an ultimatum to leading oil companies that they must boost production at a lower profit margin or face a possible government takeover. But companies like Exxon Mobile responded by reminding him that his policies created the shortage.
Meanwhile, as Sen. John Kennedy, R-La., mused recently to Fox News’s Jesse Watters, “The price of gas is so high that it would be cheaper to buy cocaine and just run everywhere.”
