In December of 2021, the Biden administration forecasted that gas prices would drop below $3 per gallon by January 2022. | Economy
In December of 2021, the Biden administration forecasted that gas prices would drop below $3 per gallon, but seven months later gas prices reached over $5 per gallon, more than doubling since President Joe Biden assumed office.because oil production would outpace demand, CNN reported:, and that trend should significantly accelerate in the coming months, according to new government forecasts.Tuesday the national average for regular gasoline will probably drop to $3.01 a gallon in January.
That call is based on projections by the EIA for global oil production to increase more quickly than demand next year — especially given the emergence of the Omicron variant. This would be a reversal of the past 18 months, when output has been slow to meet surging demand as the world reopens from Covid-19.
Biden’s EIA forecast was not the only grossly incorrect prediction. Citigroup posited that “the energy boom” that was “fanning the flames of inflation is over.” However, inflation remains a permanent fixture of Biden’s presidency; the Consumer Price Index
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