CLAY: The price of oil down — a barrel of oil down — 7% today, down to $96. It got over $130 as recently as last week. Now, some of you may be noticing gas prices are actually coming down, believe it or not, after skyrocketing quickly. I was paying attention today as I was driving in Florida on my way to the studio here in Panama City Beach.

The prices were down today compared to what the prices were yesterday. This is, again, just on the Gulf Coast on Florida. And probably down here on the Gulf Coast things move faster because of the proximity of many of these gas stations, obviously, to the place where much of the oil and gas is coming from in the Gulf Coast. But what was interesting about this, Buck, is, it’s not based on anything that the Biden administration is doing.

What is going on in China I think, if anything, is actually being under-covered, which is the Omicron virus. Remember, China is basically the only country in the world that is still trying to follow this zero-covid policy. And effectively that means anytime there’s a covid case, they’re locking down. China is now locking down approaching a hundred million people.

So, a monstrous number of people. That was like California, Texas, and Florida basically all combined, if they were being locked down. Effectively, that’s the number of people in China now that are being locked down because they can’t stop the spread of Omicron. They now have a higher rate of Omicron than they have almost ever, according to official government numbers, which obviously you can’t trust in China.

The result is the demand for oil and gas in China is projected to decline thanks to these lockdowns. So maybe, even though we’ve got the Ukraine situation going on, the issue in China is going to bring down the prices of gas in the United States. And I don’t think enough people are talking about it. Again, nothing the Biden administration is doing. But this is a significant global story that may have significant impact on inflation because they’re starting to have to lockdown different factories where American products are produced, Buck.

BUCK: And with all this going on, Democrats are trying everything they can to convince you that it’s not Biden’s fault. It’s always something other than the decision-making of the Democrat Party. That is what we see as the constant through all of this.