OPINION: Democrats’ phony victory lap at the pump leaves gas prices punishingly high
Former Treasury Department economist David Beckworth says there are a number of signals pointing to a slowing U.S. economy on 'Mornings with Maria.'
Production is not only below where it once was. It is well short of where it should be. In 2020, the U.S. Energy Information Administration was forecasting that America would be producing more than 14 million barrels of oil per day this year. We are about 2 million barrels a day shy of that. It’s a basic rule of economics that reduced supplies mean higher prices. Democrats in Congress and the White House don’t want to admit this simple fact.
US President Joe Biden being welcomed by Saudi Arabian Crown Prince Mohammed bin Salman at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022.
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