White House Is Quietly Modeling For $200 Oil “Shock”

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For an administration that ended last year forecasting a leveling off of 40-year high inflation and eager to tout a historically rapid recovery from the pandemic-driven economic crisis, there is a level of frustration that comes with an acutely perilous moment. Asked by CNN about progress on a seemingly intractable challenge, another senior White House official responded flatly: “Which one?”

The suspects behind the historic implosion are well known: “soaring prices, teetering poll numbers and congressional majorities that appear to be on the brink have created no shortage of reasons for unease. Gas prices are hovering at or around $5 per gallon, plastered on signs and billboards across the country as a symbolic daily reminder of the reality — one in which White House officials are extremely aware — that the country’s view of the economy is growing darker and taking Biden’s political future with it.”

“You don’t have to be a very sophisticated person to know how lines of presidential approval and gas prices go historically in the United States,” a senior White House official told CNN.

“When the righteous are in authority, the people rejoice;
But when a wicked man rules, the people groan.” Proverbs 29:2

A CNN Poll of Polls average of ratings for Biden’s handling of the presidency finds that 39% of Americans approve of the job he’s doing. His numbers on the economy, gas prices and inflation specifically are even worse in recent polls. What CNN won’t tell you is that Biden is now polling well below Trump at this time in his tenure.

The CNN article then goes into a lengthy analysis of what is behind the current gasoline crisis (those with lots of time to kill can read it here) and also tries to explains, without actually saying it, that the only thing that can fix the problem is more supply, but – as we first explained – this can’t and won’t happen because green fanatics and socialist environmentalists will never agree to boosting output.

Which brings us to the punchline: as CNN’s Phil Mattingly writes, “instead of managing an economy in the midst of a natural rotation away from recovery and into a stable period of growth, economic officials are analyzing and modeling worst-case scenarios like what the shock of gas prices hitting $200 per barrel may mean for the economy.”

Read More @ Zero Hedge HERE