I’ve seen several letters from readers that attempt to distance Joe Biden’s actions as president as a cause for our currently high levels of inflation. One reader made the dubious claim that Biden’s cancellation of the Keystone-XL pipeline and new oil exploration leases on federal lands couldn’t possibly result in a rise of oil prices.
That claim falls flat with any knowledge of economics, particularly the law of supply and demand; if you reduce the supply of some commodity, the demand (and price) for it will very likely increase. It’s useful to note that the per-gallon price of gasoline on Nov. 6, 2020 was $1.08. As of March 7 it is $3.62.
Mark Parker
Snohomish
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