Bloomberg Washington Correspondent and host Annmarie Hordern asked, [relevant exchange begins around 44:00] “So, we have crude prices, WTI above 90 today. So, that’s a significant development. The IEA says we’re going to see a significant shortfall. And we’re past peak driving season here in America and we have prices approaching $4 a gallon. What does the administration have in its toolbox to potentially insulate consumers at the pump?”
Hochstein answered, “So, let me make a couple of points, because you’re right, the facts are there. The President has been clear that he wants to make sure that American families have less of a burden and that costs don’t hurt American families, especially families that have more than two drivers, and he is still committed to that. We see a couple of factors that are coming into the oil price increase: One is…OPEC has decreased supply and constrained supply and they did that when prices were significantly lower than they are today. Since that decision, prices have come back up, to some degree because of that.”
He continued, “The other factor is that Bidenomics works. We have an economy that is strong and we have a labor market that is strong where wages are higher than costs, and when that happens, when you have a strong economy and stronger than people had expected to have at this point as resilient as it has [been], then you also have demand growth. So, there is stronger demand when you have stronger manufacturing and stronger productivity, in comes demand growth.”
I mean this is beyond pathetic. I've never seen any administration so openly deceptive and frankly this has reached the point that could be constituted as treasonous.
No one in the real world thinks we have a strong economy. It's absolute bullshit to say that prices are up because of increased demand. If anything, demand has been reduced as people tighten their belts to deal with high inflation.
This got a good laugh out of me.
I mean this is beyond pathetic. I've never seen any administration so openly deceptive and frankly this has reached the point that could be constituted as treasonous.
No one in the real world thinks we have a strong economy. It's absolute bullshit to say that prices are up because of increased demand. If anything, demand has been reduced as people tighten their belts to deal with high inflation.
inb4 democrats start putting I DID THAT stickers on gas pumps to campaign for Biden
The White House media team resembling a pretzel nowadays trying to spin the current economic situation as 'a good thing'
when i was born, gas was less than a dollar a gallon.\