By the time America gets back to work, and traffic jams, gas prices under the Biden administration could be heading back to $4 thanks to new climate regulations, the president’s shutdown of energy mining on federal lands, and overseas production cuts.
Industry experts believe that as the coronavirus vaccine becomes widely available, offices will start to fill up, as will gas stations.
But the supply may not be there because of production cutbacks, Biden’s new rules, and moves overseas to slow production to match low usage.
The result could be an “oil price trap” for the new president, according to Steven Kopits, the managing director of Princeton Energy Advisors.
He told Secrets, “Biden has substantial political risk heading in the 2022 midterms. He would do well to articulate a more balanced energy package because we may well see gasoline prices above $4 a gallon, and Republicans will not hesitate to finger the moratorium on leasing as the cause.”
Since Election Day, gas and crude oil prices have jumped. In the United States, gas prices are up 18% and oil nearly 50%.
Said another industry expert, “In four years, we had made the U.S. energy independent and denied the bad guys the ability to control global oil prices. The Democrats undo it in two weeks. Just incredible.”
Many of Biden’s first moves were directed at radically cutting the chances for further global warming. Several will kill jobs.
Every department has been ordered to factor climate change into their moves. In addition, he suspended new drilling leases on federal lands, restricted U.S funds in worldwide carbon energy programs, eliminated “fossil fuel subsidies,” stopped the Keystone XL oil pipeline construction, and slapped a moratorium on federal leases in Arctic Wildlife Refuge.
OPEC and the Saudis have also cut production in hopes of raising prices to offset a year of losses.
The president’s plans have played well to his base, but consumers and energy industry representatives are starting to push back. The last time gas prices reached $4 was 10 years ago.
“The Biden administration’s plan to obliterate the jobs of American oil and gas explorers and producers has been on clear display with the cancellation of the Keystone XL Pipeline, the initial announcement of a 60-day freeze on federal leasing and permitting,” said Dan Naatz, with the Petroleum Association of America.
Read more at Washington Examiner
Get used to it USA, Democrats now have a fool proof voting fraud system running, so unfortunately the Republican’s are now toast.
Saudi, Russia and Iran will dominate oil prices in the future and they will easily cripple the West. US oil cos will probably move their refining overseas to save their companies, killing even more US jobs and make US dependent on Middle East and Russian oil. So under the Democrats you are heading towards Venezuela. I hope California will get there first killing off Silicon Valley.
You don’t just move refineries overseas. These are multi-billion dollar complex industrial manufacturing sites that the U.S. operate more efficiently and cleaner than anywhere else in the world.
Biden and his fellow Crinimal’s the DNC and the Globalists the UN as well as the CFR their all Crinimal’s and the Enemies of America
All the promise of MAGA is petering out into a weak end at Bernie’s.
I didn’t vote for Sleepy Joe or Kaamala so you can’t blame me.
The new hat Dems will be sporting say MALA. Make America Last Again.