The writer is managing partner at TWG Global and a former senior adviser to former president Joe Biden
In June 2022, I was serving as the White House’s senior energy adviser when the national average for gasoline prices crossed $5.02 per gallon for the first time in American history. I know precisely what that number does to an administration: the calls, the scramble, the acute political anxiety that descends when a price that every American sees crosses a threshold that feels symbolic as much as economic.
That moment is coming again. And, by coincidence, it is arriving at the same point in the political calendar — in June of a midterm election year. This time, however, the toolkit that worked before is largely spent.
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