High gas prices pose a fundamental threat to Biden’s electoral and policy ambitions
. They’ve caused confidence in the economy to slump to lows that bode poorly for defending Democratic control of the House and the Senate in November.
“If you notice, until gas prices started going up,” Biden said, “things were much more, they were much more optimistic.” “In the immediate near term, it is critical to stem the increase in oil prices,” Zandi said last week, suggesting that Saudi Arabia, the United Arab Emirates and a nuclear deal with Iran could help to boost supplies and lower prices.
Democratic House Speaker Nancy Pelosi has previously expressed doubts about the value of suspending the federal gas tax. This has increased tensions with oil producers: Biden has judged the companies to be making “more money than God.” That kicked off a chain of events in which the head of Chevron, Michael Wirth, sent a letter to the White House saying that the administration “has largely sought to criticize, and at times vilify, our industry.”
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