Biden taking victory lap for lowering gas prices is 'egregious': Energy expert
'Clearly what has lowered gasoline prices is the lack of demand,' Stephen Schork says
White House not the cause of lower gas prices: Energy expert
The Schork Group principal Stephen Schork analyzes the oil market and reveals what's really behind the falling gas prices on 'Varney & Co.'
The Schork Report principal Stephen Schork slammed the White House Friday over taking credit for declining gas prices, telling "Varney & Co." tremendous "demand destruction," not President Biden’s policies, is the reason for the drop.
STEPHEN SCHORK: Unless the administration has built a new oil refinery over the past month that I’m not aware of, it’s pretty egregious that they are claiming victory that they’re the ones responsible for lowering gasoline prices. Clearly what has lowered gasoline prices is the lack of demand. We had tremendous demand destruction, so now we know what the pain point is. It used to be $3.60 or $3.70 at the pump before you started to see consumers balk at those prices. With the advent of substitutes in the market, electric vehicles, our changing work patterns, and working from home, that pain point moved higher.
GAS PRICES DIP BELOW $4 A GALLON, HERE'S WHY IT STILL COULD BE BAD NEWS FOR BIDEN
WATCH THE FULL INTERVIEW HERE:
Biden taking a victory lap for lowering gas prices is 'egregious': Stephen Schork
The Schork Group principal reacts to the White House claiming they are responsible for falling gas prices, telling 'Varney & Co.' the decline is clearly due to 'demand destruction.'