The latest excuse for high gas prices is Russian President Vladimir Putin’s war, but consider these facts:

On his first day in office, Mr. Biden canceled the Keystone XL pipeline and halted new leases in Alaska’s Arctic National Wildlife Refuge. A week later, he banned new oil and gas leases on federal lands and waters, and in June he shut down exploration on existing leases in Arctic National Wildlife Refuge. In October, he increased the regulatory burdens on building pipelines and other infrastructure. This February he limited leasing in Alaska’s National Petroleum Reserve. At every turn, Joe Biden’s team has worked to restrict and reduce domestic oil and gas production.

Biden blames Putin, but prices rose quite a bit before Russia invaded Ukraine. In January 2021, the average price of regular gasoline was $2.33 a gallon. By February 2022, it was up to $3.52. As of May, the average price was $4.44; so 56% of that price rise predated the invasion.

After doing everything in his power to constrict American supply, Biden is now threatening a windfall-profits tax, even though oil and gas production saw only a 4.7% net profit margin last year. Compare that with Microsoft’s 39% net margin, Facebook’s 33%, Google’s 30% and Apple’s 27%. Will restricting profits, raise production?