Opinion | 2024 election will have more to do with oil prices than supply and demand WashTimesOpEd
How tall are you? How much do you weigh? What is the net value of your assets? The answers to all of these questions change over time — they are variables. Your height changes over the years — as you grow from an infant and then into middle age, you begin to shrink — but the measuring stick remains constant. Your weight goes up and down, but the measuring unit — pounds or kilograms — remains constant.
Americans have become used to the fact that, despite occasional bouts of inflation, wages for most rose faster than inflation and taxes, so they were still better off. But for the last two years, inflation has risen faster than the average wage, which is the source of much discontent. Over the last 25 years, the dollar has lost almost half its value .
In order to placate its so-called green supporters, the Biden administration has waged war on fossil fuels by restricting the sale of oil leases, slow-walking oil and transport permits, and even killing pipeline construction projects. All of this has led to much higher prices for oil and its derivative products such as gasoline. The winner of the next presidential election will have more to do with oil prices than supply-and-demand fundamentals.
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