Stephen Moore: Gas prices will reach $5 per gallon soon

Economist Stephen Moore, while discussing his outlook for inflation and energy on FOX Business' "Varney and Co.," said he sees gas at $5 per gallon coming soon due to less energy production under President Biden. 

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STEPHEN MOORE: Janet Yellen and Jerome Powell have been consistently wrong this year about inflation. They said it was transitory. They said it would not get out of control. They didn't expect 6% inflation, which we're knocking the door on right now. So they've just been consistently wrong. It's that simple. And I'm going to stick with my prediction that I do think you're gonna see gas prices approach $5 a gallon nationally because of the shortage. 

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If you look at the prices, they're rising across the board. I'm especially concerned about the energy price increases, the price of coal, the price of natural gas, the price of gasoline at the pump and oil are rising. We're, I think, about $84 a barrel now on oil. And I've got to tell your audience this is not some kind of natural event – this is a specific policy designed by the Biden administration to produce less oil and gas. 

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When you reduce the supply of something like we're doing because we're reducing production – we're 2 million barrels a day less in our oil production from where we were back in 2019 – and then you have a big increase in the demand as the world economy gets better from the COVID crisis, you're going to have spiked prices. And we should be reversing the curtailment of American energy right now. We should [be] building pipelines. We should be allowing drilling on federal lands, those kinds of things. And that would reverse this price increase almost overnight. 

GAS PRICES ON THE RISE, LEAVING ONLY 8 STATES UNDER $3 PER GALLON

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