Whose Fault Is It Anyway? - The Gas Price Blame Game

Gasoline. No other consumer product today has its prices so closely scrutinized or discussed. And unless you're a three-year-old or a hermit in northern Maine, it's impossible to ignore that gas prices are very high right now. As if on cue, our elected representatives are running with this crisis-du-jour to rally their bases: Dems are taking aim at Putin and Big Oil, while Republicans are blaming Biden’s failed energy policies. But the actual story of who’s at fault here is much more complicated. Gasoline is a commodity subject to the supply and demand of the market. When demand meets supply, things are great. But when supply slips due to war, weather events, and more, everyone feels that pain at the pump. Add in Russia’s invasion of Ukraine, global economies emerging from a pandemic, and oil cartels and fossil fuel companies hesitant to “drill baby drill,” and we explain why many consumers should get used to paying $4 to $5 per gallon for a long time.