Commentary
As the national average price of gasoline tops $5 per gallon, there are few reasons for optimism that gas prices will decline any time soon.
President Joe Biden, despite his recent remarks, has no good solution at his disposal to temper the rise of gasoline prices. Every tool available has severe drawbacks, and the solutions the White House is evaluating likely won’t move the needle.
In March, Washington decided to release 1 million barrels of oil per day from the U.S. Strategic Petroleum Reserve for the next six months. But the tactic hasn’t helped, with gasoline prices rising from the low $4 per gallon in March to $5 per gallon in June….