3. Anti-energy rhetoric that discourages investment

Rhetoric matters. While words don’t literally do anything to change gas prices, the signals coming from policymakers absolutely do affect the long-term investment decisions businesses make.

And even as a presidential candidate, Biden sent very negative messages about what his leadership would mean for the gas industry.

In just one example, as Americans for Tax Reform pointed out, Biden said during a campaign stop: “We are going to get rid of fossil fuels. … We’re going to phase out fossil fuels.” Then, upon taking office, the president followed these words with actions such as canceling the Keystone XL pipeline, blocking leases, restricting imports, and pursuing regulations.

In general, Biden’s open hostility toward the oil and gas industry has almost certainly curbed investment into production that otherwise would’ve occurred.

“Such extinction rhetoric, coming from the now-president, has an unprecedented chilling effect on investment,” Lieberman said. To put it simply, less investment means less supply — which means higher prices.