Letter: Why gas prices are high
I'm quite dubious as to the Russian invasion of Ukraine having the majority effect on our gasoline pump prices as the Daily Herald more than implied in an opinion piece last week.
While I don't think Putin's actions have done anything but serve to exacerbate the situation, it seems quite evident to me that it has been Biden's energy policy that is mostly at fault.
You are quite right that gasoline prices are tied to crude oil prices, which are dictated by world supply and demand. Unfortunately, our president has decided to cut off our own domestic oil spigot and vastly reduce the available oil supply worldwide with the result of driving up the price at our pumps exponentially.
When President Biden took office in January 2021, a barrel of oil was about $52. In a little more than one year of the Biden administration, and before Putin decided to invade Ukraine, it was about $92 per barrel. If my math is correct that works out to a 77% increase before any invasion occurred. So I think we should put the blame where it belongs, the Oval Office.
Duane Cook
Carpentersville