Luther Ray Abel explains at National Review Online why he has mixed feelings about the latest news regarding gas prices.
The New York Times reported … that the average price of a gallon of gasoline nosed upward for the first time in a hundred days — by seven-tenths of a copper-plated Lincoln visage.
My first inclination was to shout “Yes!” and thrill at the arrested descent of fuel prices because of how harmful it will be for the Biden administration. The second was to mutter a shamefaced “Ah, nuts.”
We’ve all been there. What’s bad for the other side is good for us, or so the political binary would suggest. But higher gas prices are borne by us all, with increased manufacturing and shipping costs resulting in scarcity and elevated consumer value — thus higher prices — nothing to be celebrated.
Isabella Simonetti writes for the Times:
“The national average gas price rose seven-tenths of one cent to $3.68 a gallon on Wednesday, according to AAA. That was down from $3.90 a month ago but up from $3.19 at the same time last year. Gas prices peaked at just above $5 a gallon in June.” …
… [T]he price of gasoline is one of the only things keeping inflation in check for the top-line inflation numbers. Food and sundry goods continue their march up the Rockies, and the energy sector has been camouflaging their ascent these last few months. The Biden administration will have to throw every incentive at the issue to avoid what appears to be an inescapable uptick in inflation for the coming months — election months — with fuel rates plateauing and possibly increasing.
It’s reasonable to claim that both Biden and I are cheering for lower gas prices, though for divergent reasons. He cheers because deflation may be the difference between a Democratic Senate and the specter of a Cocaine Mitch ascendancy. …
