Publications: Notes at the Margin

EVs to Trump's Rescue; "It's Products, Stupid" (April 13, 2026)

 

This week’s report addresses two issues. We begin by noting that Donald Trump owes “Sleepy” Joe Biden a letter of thanks because electric vehicles (EVs) are limiting the rise in US gasoline prices, Trump’s go-to economic barometer. Prices would be much higher, refiner profits would be stronger, and Americans would be much angrier had Biden not implemented programs to boost EV sales. “Dumb” Donald is the beneficiary.

 

We then turn to prices, altering a phrase coined by James Carville and made famous by Bill Clinton in his 1992 presidential campaign: “It’s the economy, stupid.” Today, in energy markets, it’s products, stupid.

 

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