From the Editorial Board: To hear President Joe Biden tell it, high gasoline prices aren’t his fault.
High gas prices are posted at a station in Chicago's Old Town Triangle neighborhood on June 16, 2022.
, the nation’s commander in chief ordered those unnamed companies to cut the price of gasoline at the pump “to reflect the cost you’re paying for the product. And do it now.”This was not the first time Biden tried to blame others for gasoline prices that hit record highs last month and threaten to hurt his fellow Democrats in the upcoming midterm elections.
Bezos is right: Gas prices are responding to supply and demand, as they should in a free market. Gas-tax holiday gimmicks, releases from strategic petroleum reserves and the incessant finger-pointing do nothing to change the economic reality. They’re not helping Biden’s approval ratings, nor shoring up consumer confidence.
Minutes from the U.S. Federal Reserve’s June 14 and 15 meeting published on Wednesday show policymakers anxious over inflation and hawkish about cracking down on prices. It’s clear from the minutes, and consistent with previous statements from Fed Chair Jerome Powell, that the central bank is willing to accept slower economic growth, up to and including a recession, to get inflation under control.
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