President Joe Biden must be celebrating another week of higher gas prices. Every week, since Biden has been in office gasoline prices, have gone up. According to my friends at Gas Buddy, the national average has risen for the fourth week in a row, rising 1.9 cents per gallon over the last week to $2.42. This was compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country. The national average price of diesel has risen 1.4 cents in the last week and stands at $2.65 per gallon.

The rising gas prices will take a bite out of struggling consumers' pocketbooks and the Biden Administration will cheer because it will be a necessary step to getting us off of fossil fuels. Energy Czar and Mr. Let Them Eat Cake and make solar panels John Kerry, should be thrilled because as he flies over America in his private jet he can be assured that the unemployed Keystone pipeline workers are sacrificing good jobs to save the planet. Forget the fact that the Obama administration concluded that the Keystone Pipeline would not add greenhouse gases and we could actually argue it would reduce greenhouse gases. To transport that Canadian oil by rail and train instead of the pipeline will add to the CO2. Yet that does not matter because at the end of the day for Biden and czar John Kerry, it's all about appearances.

Ok, I know that there are a lot of reasons for rising gas prices, not just Joe Biden. We are seeing demand rise domestically and globally. We are seeing the impact of the global oil market stimulus. We are seeing the impact of reduced global refining capacity. Yet is there anything that President Biden proposed that will help ease consumers and business gas and diesel prices?

Oil prices today are soaring due in part to Saudi Arabia taking it on itself to cut production by 1.0 million barrels a day to shore up global oil prices. The Biden administration is silent on this. They have no problem with Saudi and OPEC oil dominance. China is also hoarding oil as they realize that the price of oil may go sharply higher in the future. Physical demand is signaling a tight market for oil and an even tighter one in the future.

Oil investors will be shamed by the President Joe Biden administration and fear that they will be held accountable for investing in American oil and gas. Even banks are being called upon to divest from US oil and gas to prop up more shaky investments in green energy projects. The Biden administration plan for wind and solar power generation, plus moving to a fleet of electric cars, has no plan to deal with the environmental fallout from the toxic waste created by these sources of energy. Not to mention the number of fossil fuels it is going to take to build all of these wind turbines and solar panels and electric cars. 

The crude oil market is tightening! We have warned for months that under-investment in oil is a big risk. Now we are in a strong oil bull. Upside price risk is substantial. Stay hedged.