healthmyths
Platinum Member
- Sep 19, 2011
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In the first 7 days of his administration Biden did something that had such a gigantic ripple effect that has directly cause inflation to be today at
8.54%!!!! US Inflation Rate
Biden never understood these key points about gas prices!
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www.investopedia.com
For example you may NOT buy gas as you don't have a car. But your mail, your food, your transportation to buy food... all use gas!
In 2021 Americans used in cars, trucks, buses, etc. about 134.83 billion gallons per year! Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)
Gas cost per gallon in Jan 25, 2021 was USA average: $2.392 per gallon.
Gas cost per gallon in May 5, 2022 was USA average: $4.182 per gallon.
Total increase in gas cost $1.79 X 134.83 billion gallons means $241.345 BILLION in gas costs.
All because Biden banned to the oil exploration companies exploration on Federal land that provides 24% of our oil/gas!
Now oil companies can continue exploration on land that provides 24% of the nation's oil and gas.
FACTS... oil exploration costs going up meant gas prices at the pump go up and BIDEN never ever considered that, obviously!
Totally ignorant as to the effect banning exploration on land that provides 24% (more than 36% at one time) of oil production!
8.54%!!!! US Inflation Rate
Biden never understood these key points about gas prices!
How Gas Prices Affect the Economy
Although economists may argue about whether gas prices have an effect on the economy, there is a connection between consumer confidence, spending habits and gas prices.
KEY TAKEAWAYS
- When gas prices rise, it can be a drag on the economy—impacting everything from consumer spending to the price of airline tickets to hiring practices.
- Gas is an important input for transportation, which directly impacts households as they drive, but also businesses that rely on logistics and transportation chains around the globe.
- If discretionary spending is hampered by higher gasoline costs, it can have knock-on effects throughout the broader economy.
For example you may NOT buy gas as you don't have a car. But your mail, your food, your transportation to buy food... all use gas!
In 2021 Americans used in cars, trucks, buses, etc. about 134.83 billion gallons per year! Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)
Gas cost per gallon in Jan 25, 2021 was USA average: $2.392 per gallon.
Gas cost per gallon in May 5, 2022 was USA average: $4.182 per gallon.
Total increase in gas cost $1.79 X 134.83 billion gallons means $241.345 BILLION in gas costs.
All because Biden banned to the oil exploration companies exploration on Federal land that provides 24% of our oil/gas!
Now oil companies can continue exploration on land that provides 24% of the nation's oil and gas.
FACTS... oil exploration costs going up meant gas prices at the pump go up and BIDEN never ever considered that, obviously!
Totally ignorant as to the effect banning exploration on land that provides 24% (more than 36% at one time) of oil production!
