Commentary: After 18 Months of Biden, We Have Yet to Hit Bottom

Next week will mark one and a half years since Joe Biden became president on Jan. 20, 2021. On July 20, every American should look within and ask: “Am I better off than I was 18 months ago?”

To Biden’s credit, the unemployment rate has fallen from 6.4% when he took office to 3.6% in June. Today’s figure is a notch higher than the 3.5% joblessness that Americans enjoyed in February 2020, thanks to President Donald Trump’s Republican tax cuts, deregulation, energy dominance, and other pro-growth initiatives.

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‘Only a Small Cushion’: Oil Prices Surge Again as Demand Approaches Highest Level Ever

Person pumping gas into vehicle

Global crude oil prices surged Friday, continuing their steady approach toward $100 per barrel, as a top energy group projected greater demand through 2022.

The West Texas Intermediate (WTI) crude oil index, which measures U.S. prices, increased more than 1.89% to $91.73 per barrel while the European Brent Crude index ticked up nearly 1.71%, hitting $92.94 per barrel as of Friday afternoon. Both indices inched closer to their highest price in multiple years, according to data tracked by Business Insider.

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Energy Commodity Prices Increased by 59 Percent in 2021, Energy Information Agency Reports

The prices of energy, crude and gasoline all increased in 2021 from 2020, the U.S. Energy Information Agency reports. Prices increased because of higher demand and a range of other factors.

By the end of 2021, commodities on the energy index traded 59% higher than they did on the first trading day last year on the S&P Goldman Sachs Commodity Index (GSCI), the EIA reports.

GSCI is a commodity index that tracks the performance of global commodities markets. It’s a weighted average that’s updated every year. In 2021, the energy index comprised 54% of the GSCI, with the two crude oil benchmarks, the West Texas Intermediate (WTI) and Brent, accounting for approximately 70% of the energy index. WTI crude oil accounts for the largest share of the overall GSCI of more than 21%.

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