Engaged On Energy

 

Welcome to this week’s Engaged on Energy. I’m Rick Whitbeck, and tonight, let’s focus on something sure to have gotten our attention lately…gas prices.

 

A year ago, the average price per gallon in the US was $2.49. Now, it is $3.41.

 

Alaska has the sixth-highest average cost in the nation at $3.72, and Wyoming is slightly above average at $3.48 a gallon, according to Triple-A.

 

Why such a big jump in the past year? Well, it comes down to Economics 101, and supply and demand.

 

First, let’s talk about demand. I’m sure you’ve noticed that we’re back and moving after COVID. We’re traveling, meeting face-to-face and our transportation sector is using near-pre-pandemic levels of gas and diesel. That’s great news, except when the supply side of the equation hasn’t caught up.

 

The majority of the problem with supply starts at 1600 Pennsylvania Avenue and the Biden White House. The President and his leadership team have waged an all-out assault on America’s traditional energy supplies, and the workers who help bring oil and gas, not to mention coal and other mined materials, to market.

 

I have to hand it to the President: If shutting down the Keystone XL pipeline, threatening to shut down others in the Midwest and stifling future resource development on federal lands was somehow supposed to crimp supply – it certainly has worked!

 

And if there isn’t enough supply to meet the demand, prices skyrocket, like we’ve seen this past year. In fact, the last time gas cost this much was when (pause) Joe Biden was Vice President! Forecasters are calling for these prices to continue for the winter, at least. Not good, but preventable, if the President hadn’t willingly led us to where we are today.

 

That’ll do it for this week. Be sure to contact me at rick@powerthefuture.com with comments or suggestions for a future segment. Thanks for tuning in, and have a fantastic, energy-filled week, everyone.