White House Chief of Staff Ron Klain has taken to tweeting the price of a gallon of gasoline on a daily basis, a habit that’s convenient for him as long as it continues its steady decline. The idea that President Joe Biden’s administration is somehow responsible for this decrease is wrong, of course, but the White House certainly took the blame when prices rose, so fair is fair if it wants to take the credit as they fall.
At the same time, the administration should keep in mind that, paradoxically, one of the biggest risks to the continued supply of oil is fear that prices may crash. To insure the economy against future price spikes, the administration needs to encourage investment in oil production — and so it should try to offer the industry insurance against the risk of a price crash.
In other words: Biden should promise to bail out the oil industry.
Consider the main tool the Biden administration has used to alleviate pain at…
