Commentary From the start of Russia’s invasion of Ukraine, the U.S. stock market, which has been “stumbling since the beginning of the year,” writes the New York Times, is down “10.3 percent from its most recent peak on Jan. 3,” and the cost of gas is rising rapidly. Near record high oil prices—it briefly topped $130 per barrel on Monday—means in some states it costs $100 to fill up certain vehicles, more if you drive a truck for a living. The stock market’s decline is hurting retired people who rely on their 401k and IRA investments. The Biden administration is engaging in mostly symbolic gestures and rhetoric, promising to bring down the price of gas, but without results. What’s needed is obvious, including the restoration of the Keystone pipeline and drilling for oil on federal land. During the previous administration, gas prices were more than $2 a gallon lower on average than today, …
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