Biden, It Won’t Be Enough

The Biden administration plans to release more oil from the Strategic Petroleum Reserve to lower gas prices before the election. While $3.40 per gallon isn’t historically high, many Americans still find it burdensome, especially those who must commute. Despite official CPI reports showing 3% inflation, many people believe inflation is much higher based on their daily expenses. This perception persists regardless of government data.

Transcript:

One of the things that it appears the Biden administration is going to do is they’re going to release even more oil from the Strategic Petroleum Reserve because they’re worried that gas – well, they’re worried gas prices are too high going into the election.

Now, gas prices at $3.40, historically, that isn’t super, super high. But do you think what Americans – drive their cars up to the gas station they say you know gas is expensive and i i you know it’s too much of my budget

Well that could be the case but for a lot of people it doesn’t matter they have to put it in their tank because they have to drive to work and hey if you live a few miles from your work you’re fine

or if you’re somebody like me who puts very little mileage on a car because i don’t go anyplace because i work at home uh you know it’s a different story but

It’s those things when you go to the store and you see things, you remember, oh, that used to be, you know, the bananas were 80 cents a bunch, and now they’re double that. Everything seems to be double what it was two and three years ago or four years ago.

Well, there’s a lot of research that says Americans still believe that there’s a great deal of inflation in the system, and they don’t care at all when the CPI comes out.

It’s like it’s in the newspaper, and they look at it and say, doesn’t mean a thing to me because my life is not up just up 3% year over year.

The CPI is rigged. All of that government data is rigged, especially now, because they’re looking for anything in the data that shows, see, we’re on the right path.

I mean, it traded, you know, after inflation came down to about 3.5%, it has stayed there for nine months. It really hasn’t budged from that level.

And that’s still way off of what the Fed wants.

Well, look, let’s come back to this. I don’t think that we’ll come back to it after the next Fed meeting because this isn’t really about the Fed.

It’s really about the perception Americans have about inflation.