As it turns out, skyrocketing gas prices may have more to do with fallout from the COVID-19 pandemic than Russia's invasion of Ukraine. | RODNAE Productions/Pexels
As it turns out, skyrocketing gas prices may have more to do with fallout from the COVID-19 pandemic than Russia's invasion of Ukraine. | RODNAE Productions/Pexels
After more than a year of historic inflation rates, President Joe Biden now is blaming Russian President Vladimir Putin for the economic woes here in the U.S.
The president and his administration have recently coined the “Putin Price Hike” to divert Americans' anger away from Biden and to the Russian leader. However, historical data shows inflationary gas prices have been an issue since early 2021, when Biden took office and immediately stifled U.S. energy production.
"Let me first say that Americans are paying a higher price at the pump because of the actions of President Putin,” White House Press Secretary Jen Psaki said, as reported by Fox Business. "This is a Putin spike at the gas pump, not one prompted by our sanctions.”
A February report from Statista shows U.S. inflation has been steadily increasing since Biden took office in January 2021. At that time, the inflation rate was 1.4%, and by January 2022, it was 7.5%.
Congressman Dan Newhouse (R-WA) said he believes the Biden administration is to blame for the country’s high energy prices. "By effectively shutting down our own supply of critical oil and gas, the Biden administration increased our reliance on foreign countries for our energy needs, increased global emissions and increased gas prices for American families,” he wrote on his website March 8.
North Carolina’s former U.S. representative, Mark Walker, a Republican candidate for U.S. Senate, agrees with Newhouse. "You did it, Joe. Highest gas prices ever in North Carolina,” he tweeted on March 8.
In early 2021, Biden stifled domestic energy production by signing a series of executive orders that instead prioritized reducing the effects of climate change. Then earlier this week, Biden announced an immediate ban on all U.S. imports of Russian oil, gas and energy. America imported about 8% of its crude oil and refined products from Russia in 2021, according to The Wall Street Journal.
Americans are paying the highest gas prices since 2008. The national average has reached $4.33 per gallon, as reported by the American Automobile Association (AAA). North Carolina is currently averaging $4.19 per gallon.
The Wall Street Journal reports that oil prices have been on the rise for months because of global economic rebound from the COVID-19 pandemic. Part of the problem is that petroleum refiners still aren't producing the amount of oil they were before the pandemic.
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