In my local area, gas prices jumped another 20 cents overnight, settling in at $3.99 a gallon. I happen to live in one of the parts of the country that consistently has some of the lowest prices at the pump as well. Many other states are seeing prices crest $4.50 a gallon, not just at a few select stations but as an average.
This is a tenuous time for families that don’t live in major metro areas with taxpayer-subsidized public transportation. We have to get our kids to school, to baseball practice, to dance class, to piano practice, to church, and a whole host of things, and that’s not even considering the fuel spent to get to work and back. Budgets are being stretched, and the middle-class is getting hammered by Biden’s asinine energy policies.
But perhaps there’s some semblance of relief on the horizon? Brent Crude Oil, one of the three indicators that set the global oil market, is seeing its biggest single-day drop in history. After opening at $130 a barrel, it has dropped all the way to $111 a barrel. That’s a 13 percent decline that could at least indicate the market is stabilizing. A small rally occurred in the last hour up to $114 a barrel, but those gains have already burned off back to $111 a barrel.
Brent: biggest intraday $ drop on record pic.twitter.com/xMBtbkfcYX
— zerohedge (@zerohedge) March 9, 2022
I’m not making any grand predictions here. Obviously, the price could skyrocket again tomorrow. But it does look like the initial shock of the Russian invasion is starting to wear off. That doesn’t mean gas is going to go back to $2.50 a gallon anytime soon. After all, prices had already increased over 60 percent under Joe Biden before the invasion took place. Yet, we could see the chaotic price increases cool off a bit, with perhaps a drop coming sooner rather than later.
None of this lets Democrats off the hook, though. Even if the price of gas drops somewhat back to pre-Ukraine invasion levels, it will still be near record highs as the summer driving season approaches. This was largely avoidable, but we have a president who is more beholden to a Swedish teenager than the suffering of Americans. Yes, any relief is welcome at this point, but voters will not forget who put them in this position.
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