Inflation Has Not Gone Away

Inflation Has Not Gone Away

August 11, 2022

News is coming out about gas prices lowering to under $4.00 a gallon. This may be a little relief at the pump for families, but it is not time to pop the champagne and celebrate. Inflation is still way too high, and the Biden/Harris Administration has done nothing to support our energy sector. These gas prices are still astronomically high. We are not out of the woods yet. 

The Wall Street Journal editorial board writes on rising inflation in July.

“Food prices rose 1.1% in July and are up 10.9% over last year. Groceries that families take home rose even faster at 1.3% for the month, or 13.1% over the past 12 months. The hope is that food prices will ebb in coming weeks following the recent decline in commodity prices, but it may take a while since inflation expectations are now built into the supply chain.”

President Biden is trying to take credit for lowering gas prices, but Americans still feel the effects of sky-rocketing inflation from the past year. Domestic oil and gas companies must be supported and increase supply before winter. 

PTF Founder and Executive Director Daniel Turner weighs in on inflation and lower gas prices.

“While gas prices falling from their all-time high is a good thing, this is no time for the Biden Administration to take a victory lap. Joe Biden’s recession is the reason for the price drop, and our families are still paying too much because of his energy failures. Meanwhile, inflation is 8.5 percent, groceries are 13 percent higher, winter is coming, and the drain from the Strategic Petroleum Reserve will end in October. To meet this rising demand in the long term, we must increase domestic supply, something the Biden Administration is unwilling to do.”