JARED BERNSTEIN: I think the thing that we’re trying to get across here is that if you go from $ 3.40 a gallon to $ 5, that’s Putin’s price hike and that’s putting a lot of hurt on people at the pump. I also think the politics of this cannot be overlooked. Democrats and Republicans together very much support our efforts to aid the sovereign nation of Ukraine. If you’re doing that on one hand, then you can’t turn around and blame the president for a gas price increase that is very much on the back of Putin’s invasion.
We want oil companies to increase their output to produce more oil. We also want refineries to refine more oil at the same time, and this is essential. I’m not going to give you one without the other. They’re inseparable. At the same time that we are actively plotting a path towards clean energy, towards electric vehicles towards battery production, towards a cleaner grid, towards our climate goals, toward net-zero. Both are essential. It’s called the transition. We have to do both. We have to make sure that we’re helping middle-class families at the pump today while we plot a path to clean energy for the sake of the planet and by the way, for the sake of our geopolitics.
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