Policy matters. Biden’s first move as president was to kill the Keystone Pipeline and declare war on fossil fuels. Trump’s first move was “drill baby drill.”

We got $4 a gallon gas under Biden and we have $2.89 a gallon today, with prices expected to fall below $2.50.

Adjusted for inflation, gas prices are today near historic lows and given the massive offshore oil that has been discovered, plus astonishing breakthroughs in fracking, prices will surely continue to fall.

Amazingly, real gas prices are about where they were 60 years ago when the neo-Malthusians started warning about the earth running out of oil. Over these past six decades we’ve used more oil than in all the prior centuries combined and yet supply keeps outpacing demand.

Raise your hand if you were taught in school that oil and gas were a finite resource and eventually we would run out. As Julian Simon taught us all, human innovation ALWAYS outpaces supply constraints.

If we go further back in time, gas prices adjusted for wages are MUCH LOWER today than at any other time since we started using petroleum for energy.