Gas prices

How long can Europe’s support for Ukraine last?

Can Ukraine sustain a war effort that is proceeding far better than most military analysts ever expected? Part of that answer, of course, depends on the extent to which the Ukrainian army can keep their troops in the field equipped, supplied, and motivated. That challenge comes as the Russian military increasingly relies on so-called “kamikaze drones” to strike deep into Ukrainian territory (on October 17, a Russian drone attack killed four people in Kyiv during the morning rush hour). But another factor that will determine success or failure is whether Europe remains onboard — or, more to the point, whether Europe’s support to Kyiv will continue as the war enters a dreary, unforgiving winter.

Don’t expect much from Biden’s Middle East trip

It took Barack Obama less than three months to fly to the Middle East for a visit, landing in Iraq to visit the tens of thousands of US troops stationed there at the time. Donald Trump’s first overseas trip as president was to the Kingdom of Saudi Arabia (also three months into his tenure), where he basked in the limelight, watched in awe as his face was plastered on buildings in Riyadh, and hovered over a glowing orb with King Salman. Now, eighteen months into his presidency, Joe Biden will be spending a few days this week in the region, making stops in Israel, the West Bank, and Jeddah, Saudi Arabia, for a summit of the Gulf Cooperation Council.

Russia is sidestepping American oil sanctions

When the European Union finally made the decision to ban 90 percent of Russia’s crude oil imports by the end of the year, the bureaucrats in Brussels were jubilant. The EU’s adoption of oil sanctions was thought be a big blow to Russian President Vladimir Putin, who depends on the revenue generated by his country's oil exports to fund his war in Ukraine. It doesn’t take a genius to figure out why European officials were so thrilled. The EU imported 2.2 million barrels per day of Russian crude last year, amounting to tens of billions of dollars in profits for the Kremlin every month.

Biden is strangling small business creation

As a recession looms, policymakers have predictably turned to entrepreneurs to start new businesses and jumpstart the economy. While this may be a good political talking point, the fact is that new business formation has never shortened a recession or reduced its impact. Some economists have looked to Covid to explain the unprecedented number of new businesses that sought IRS tax IDs during the pandemic. Washington’s touted “surge in entrepreneurship” is proving evanescent, however. Many individuals, facing economic lockdowns and the prospect of extended unemployment, decided to create businesses, often from home. Few of these companies will ever employ anyone except their founders — and rates of new business formation are already falling back to pre-pandemic levels.

The soaring cost of a Biden barbecue

Last year, someone inside the Biden administration had a bright idea: let’s tweet about food prices on the Fourth of July! The staffer surely scanned an American Farm Bureau news release, and thought, wait until people hear they’ll save a whole 16 cents on their cookouts compared to last year! The staffer no doubt ran this brain wave by his higher-ups, who agreed. We'll even do a GIF that people can readily retweet! To quote the last administration, it’ll be YUUUUUUUGE! Of course, the graphic may have been tweaked slightly before it was sent out. Otherwise everyone might have noticed that prices were up on hamburger buns (6 percent), chocolate chip cookies (11 percent), and strawberries (22 percent!).

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Biden of Arabia

When news broke that President Biden was planning a trip to Saudi Arabia to visit the crown prince Mohammed bin Salman (known as MbS), members of his party were horrified. Representative Adam Schiff, the chairman of the House Intelligence Committee, was especially disturbed and recommended the White House cancel it outright. "I wouldn't go. I wouldn't shake his hand,” Schiff told CBS on June 5. "This is someone who butchered an American resident, cut him up into pieces in the most terrible and pre-meditated way.” That resident was Jamal Khashoggi, a former Saudi royal family insider who used his perch as a columnist at the Washington Post to raise awareness about the crown prince’s ruthless ways.

Gas prices are the new Covid

Soaring gasoline prices (they’re up 49 percent since President Biden took office) are due to “Putin’s price hikes,” claims Biden. But last I checked, Putin wasn’t stateside canceling the Keystone XL Pipeline, pursuing efforts to end federal oil and gas leasing programs, and careening our country toward more Covid-like lockdowns, social isolation, supply chain shortages, and another summer crime wave. A brief recap of Biden’s oil and gastastrophe: in January 2021, during his first days in office, the president revoked the Keystone Pipeline permit and issued an executive order that, in his own typically eloquent words, directed the “Secretary of the Interior to stop issuing new oil and gas leases on public lands and offsh- — and offshore waters, wherever possible.

Old man yells at gas prices

President Joe Biden has lashed out at fossil fuel companies, accusing them of using high gas prices to “pad their profits at the expense of hardworking Americans.” These are the same fossil fuel companies, by the way, that two years ago were charging a measly average of $1.84 a gallon. They’re also the same fossil fuel companies that in 2020 donated $1.6 million to Biden’s presidential campaign. But no matter. If nothing else, Biden’s inveighing against Big Oil takes me back to my more youthful days when progressives were less afraid to run hard against what they called “the polluters.” Back then, every oil derrick was a seething Deepwater Horizon just waiting to explode and blackface the local terns and herons.

Don’t buy Biden’s ‘Putin price hike’

The Putin price hike. That’s the line the Biden administration is using to absolve itself of blame for higher gas prices. “Russia is one of the three largest oil producers in the world,” White House spokeswoman Jen Psaki said in a social media video meant to deflect criticism from President Joe Biden. “And the fact that they started this conflict, invaded a foreign country, and they are such a big producer of oil in the world is the reason why the global oil markets are disturbed and why gas prices are going up.” The administration banned Russian oil imports this week, with the House of Representatives approving a similar ban on Thursday.