Biden likely to drive up gas prices soon

 Daily Caller:

Exxon Mobil’s CEO, Darren Woods, warned that the Biden administration’s plan to cut back on fuel exports could reduce global supplies and hike gas prices, The Wall Street Journal reported Friday.

Woods told the Department of Energy (DOE) in a letter that oil and gas producers should avoid curbing exports and stockpiling fuel, according to the WSJ which cited a letter sent by Exxon. Exxon claimed that cutting exports would not help the Northeast’s fuel shortages because it would force Gulf Coast refineries to slow their operations, which would reduce fuel supplies and raise gas prices. (RELATED: Biden Admin Names White House Chief Of Staff’s Wife As Ambassador For Plants And Animals)

“Reducing global supply by limiting U.S. exports to build region-specific inventory will only aggravate the global supply shortfall,” Woods wrote.

However, portions of the country have fuel stockpiles that are near unacceptable five-year lows during hurricane season, a DOE spokesperson told the Daily Caller News Foundation. President Joe Biden also said that the production of at least 190,000 barrels of oil a day had been impacted by Hurricane Ian during a speech on Wednesday.

“As international events also continue to impact domestic energy markets, the administration has impressed upon the oil and gas industry that it must do more to ensure fair prices and adequate supply for all Americans, while meeting the needs of our allies, ” the DOE spokesperson said.
...

Biden's energy policies have been a disaster.  He reduced production and when the prices spiked he started using the petroleum reserves rather than allow increased production.  He also started importing oil also instead of increasing production.  The idiocy appears to have no end when it comes to Biden on energy.

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